investigation of sale of house?

[amsinger]

What is the name of your state (only U.S. law)? Illinois

I co-own a house with a relative. I live hundreds of miles away, so the
relative is handling the sale.
The problem is that the relative's lawyer is pushing hard to get me to accept an offer $50,000 less than the apprasied value, and $30,000 less than the
price I agreed to. He may be threatening a partiton suit if I do not accept the offer.

I feel there is something going on that is not quite right; it seems possible that there may be some deal involving the buyer, the relative,and perhaps even the real estate broker.

Is there some supervisory body, like a state real estate board that investigates such matters?

 

[nextwife]

What is the name of your state (only U.S. law)? Illinois

I co-own a house with a relative. I live hundreds of miles away, so the
relative is handling the sale.
The problem is that the relative's lawyer is pushing hard to get me to accept an offer $50,000 less than the apprasied value, and $30,000 less than the
price I agreed to. He may be threatening a partiton suit if I do not accept the offer.

I feel there is something going on that is not quite right; it seems possible that there may be some deal involving the buyer, the relative,and perhaps even the real estate broker.

Is there some supervisory body, like a state real estate board that investigates such matters?

How recent is the appraisal? Was it done by an appraiser local to the property?

And, please don't tell me you mean municipal ASSESSMENT, because an assessment is not an appraisal, and is often wildly inaccurate.

 

[latigo]

First, this is private transaction between cotenants. Hence, a Board or Commission has no authority to busy itself with it.

Secondly, let me assure you this lawyer is bluffing because your relative is no more interested in having the house sold at a public auction via a petition for partition of real property than you are!

What you need to determine is why the relative and her attorney are pushing you. And that could be due to assorted and sordid reasons, none of which are likely to be to your benefit.

It may be that the offer of purchase is coming from a straw man with title to eventually end up with the relative’s relative. Whatever.

WHAT YOU NEED TO DO is engage an attorney local to the site of the property and have him or her look into it. They may also have some insight on the reputation of the shyster that is making the threats.

As you know the house cannot be sold without your signature.

 

[amsinger]

reply to latigo and nextwife

Thank you for your replies.
The appraisal was by a local appraiser and was done about January 2009.
However, as late as October 2009, the relative suggested that the
appraised value would be the asking price, and I agreed.
(It is a real appraisal ,not an assessment)

I also felt the relative was bluffing, but even as preparations to sell
were onging, his lawyer served me with a partition suit, and then followed up with a motion for default-I guess because he felt I was not acting fast enough.

The strangest part of this is that my own lawyer is also trying to persuade
me to accept the offer. For this reason, I do not totally trust him to
honestly investigate the situation. There is some indication he may know the
relative's lawyer.

Should I find another lawyer?

 

[curb1]

The house could very easily have a market value of $50,000 less than the appraised value in January 2009. You might consider it very lucky that there is a buyer for the house. Pass up a buyer and you might not find another for a couple of years.