Will says house must be sold

[Seanscott]

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

A will states that the house & land must be sold and the proceeds divided among the children.
What if there are no offers on the house or the only offer is ridiculously low? Is there a time limit for the home to be sold?
Thank you.

 

[LdiJ]

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

A will states that the house & land must be sold and the proceeds divided among the children.
What if there are no offers on the house or the only offer is ridiculously low? Is there a time limit for the home to be sold?
Thank you.

There is no time limit, as its not possible to guarantee that any property will sell within any particular time frame. However, if the executor is not accepting a low ball offer, and the heirs want the house sold at the low ball amount, the heirs could take it to court to force the executor to accept the offer...or could take it to court to try to stop the executor from accepting a low ball offer.

 

[nextwife]

How was the listing price determined? Is the property listed on the open market, by a real estate professional? It should be priced correctly for it's market and condition, and professionally marketed. If it is, it will sell.

 

[OHRoadwarrior]

An auction is one way to guarantee a sale.

 

[TinkerBelleLuvr]

Does one of the folks inheriting the place want it? If so, they could buy it out from everyone else.

 

[xylene]

How was the listing price determined? Is the property listed on the open market, by a real estate professional? It should be priced correctly for it's market and condition, and professionally marketed. If it is, it will sell.

I agree with this 1000%