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Category: Real Estate Law
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Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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In NY Own a family summer cottage with another family

Customer Question

Own a family summer cottage with another family member. I own 25% she owns 75% and wants to sell. She wants more than realtor is appraising property. I want to buy but can't afford the 200,000 she wants. We have ownership agreement that I get first refusal except for sibling, spouse, or child. In the agreement it states that either party would sell their interest at fair market value. My appraisals for entire property are 100,000.
She says she will force a sale and make me sell my 25%. What can I do?
Thank you, Mary
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 3 months ago.

Mary, good afternoon. Only a Judge, can order a forced sale of the property. In addition, even if it is sold, a buyer would need to pay what the asking price is. You can list a property for whatever you want BUT it does not mean anyone will buy. if the realtor said it is worth X, then that is what would be considered the fail market value, as long as there are comparable sales to support it. If the agreement is that either has to sell at FMV and you are ready to buy and have evidence to show what it is worth and you want to buy her 75%, you could force the sale as well, under the agreement

Expert:  RealEstateAnswer replied 3 months ago.

I just wanted to follow up and see if there is anything else I can answer or clarify. I am here to help so please just let me know.

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