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Buying or Selling a Home/2 siblings won't agree to sell home owned jointly by 4 siblings
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Question
I am one of 4 siblings who co-own a lake home that we received from our mother. Two siblings need to sell their share of the property to raise cash, and two siblings refuse to sell the property or buy out the two who wish to sell. Do the two who need to sell their share of the property have any legal recourse to force a buy-out by the two who want to keep the property?
Thanks for your help!
Hi Gary and thanks for the question. I think you need to consult an attorney as you may need to take your siblings to court in order to resolve this. The best thing to do would be to have an independent appraisal done and have the 2 siblings who don't want to sell buy out the other two. You will most likely need the appraisal for the court as well. Sorry there's no other easy answer I know of. Best, Toni
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Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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