Re: It really depends - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 17, 2001 at 20:44:57:
on whether or not you have some ready cash or if you are depending on financing.
If you have or can get some cash, do this. Start talking to each of the heirs seperately. Try to find the one who wants some cash now, and wants to be out of the deal. You can buy the interest of one of the heirs, and then the others will have to negotiate with you to get the estate settled.
This could become unplesant, or it may not. You might end up purchasing the interests of all the heirs, one at a time for a good price. Likely as not there will be one heir who will not be reasonable. If push comes to shove, so to speak; one of the heirs (that would also include you if you have bought someone out) can force a partitian sale of the property. You might then have to buy the property on the court house steps, bidding as one of the heirs.
Or you might be able to buy out one of the heirs with a note, creating an income stream for them. It would be worth a try.