Re: Acquiring half ownership of property - Posted by Kristine-CA
Posted by Kristine-CA on August 01, 2007 at 21:54:59:
You can buy the sister’s half but you could be taking on a lot of
unknowns…unless you make sure you know about them. Debts and
liens could be against either of their names and/or the property. You
are taking on a partner that doesn’t want to sell. It’s not likely he’ll be
happier with you than his sister. Partitions take time and cost money.
So, if you buy the half interest, I suggest buying at a substantial
discount. I don’t mean half of value minus some costs. I mean
pennies on the dollar.
And I say this because it’s happened to me more than once: once you
start negotiating to buy that half from the sister and it looks like you
may close on it, the brother will likely come around. At that same time
the sister realizes that she and her brother can make so much more
money by selling together. They become unified enough to list the
property. So unless they are not speaking to each other and the
brother has no way of knowing half is being sold, it might not happen.
I consider this my service to families who would still not be speaking to
each other if it weren’t for my offer to buy a partial. I’ve helped out
more than a few families (and couples) in this regard. Seriously. Lots
of dead leads in the partial dept. for me.
If you are serious about the half interest, I suggest locking it up asap.