Do I Have to Sell

[IowaFreak]

My question involves real estate located in the State of: Iowa

My father recently passed away leaving his farm to my five siblings and myself. They want to sell, I do not. I want to keep my part, however they say that I have to sell or buy the whole thing. I can't afford to buy the whole thing. They have a handpicked buyer that they want to sell too, if I have to sell I want it to be sold by auction.

So my questions are: Can I be forced to sell? If the land has to be sold does it have to be sold to an interested buyer or can I demand it be sold at auction? The interested buyer is offering appraised value, but since it was appraised $20,000 has been put into the house, and as most people know Iowa farmland is booming, bringing well over appraised value.

Thank you for any help.

[Mr. Knowitall]

How do life estates figure into your question? You hold a life estate?

[Mr. Knowitall]

I'll assume at this point that your question has nothing to do with life estates, but that you chose not to take the time to post your question properly.

Your rights in relation to your co-owners depends in part on how the property is titled. Odds are it's titled such that any one of you can sell your share, but if you do not all agree to sell the entire property it would be necessary to file a lawsuit for partition and sale - at the end of which a court can be expected to order the property sold and the proceeds divided.

If you want to keep the property and all of your siblings want to sell, consider buying their shares - find a way to get financing. You don't have the right to tie up their assets forever. I have no idea why you would want the property sold at auction, where it is apt to get a less favorable price than with a standard listing. You and your siblings should get an appraisal and try to sell it for top dollar.