parents left kids house & land

[sherri227]

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


My parents died a year a part and left us 5 kids their house and a apartment house (3) units with 42 acres of land. My sister thinks she is a only child, and thinks our parents house is worth 300K and in a better market it might be but we are asking 240K for it and in the last 3 months only 3 people have looked at it. We just put a sign out at the apartment for sale for 499K with 42 acres of land. My question is, we do not get along with my sister at all, and being in business with her is not working. Can we sell our 1/5 of everything and if so, who would be interested in it? The other kids do not have the money to buy us out and a auction would sell it but in this market for very little. The apartment does generate a income and was left to us with a clear title.
Is there anyone who would be interested in buying just 1/5 of something and can it be done, say maybe a bank or investment group?

 

[justalayman]

yes, you can sell your 1/5 interests but finding somebody to buy it is difficult. Think about it; you don't want to be in business with your sister. What makes you think anybody else would? On top of that, since everybody is selling, a person buying only 1/5 interest will most likely not want to risk being involved with people he doesn't know once you sell the remaining 4/5's interest.



to get an accurate evaluation of the property, hire an appraiser. That should get you an accurate price for the market at the time of the appraisal.