Forcing a Sale of Co-Owned Property

[cjw]

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

Hi -

I searched for answers to my question but wasn't able to find any. Please be patient if I'm a tad inarticulate with the legal details of my question. I have a property that was left to me from an inheritance, but was split 3 ways with siblings. So we each own a 1/3 of the property. One of the siblings just wants to sell and have the cash, but the other two (including me) want to keep the property. I've made an offer to buy out the 1/3 of the owner that wants to sell, but she believes it's worth much more than my offer. I've had the property appraised and know it's value and have offered a more than fair price. She's been told by realtors that they can get much more money for the property (several 100ks more).

So my question is - if a sale is forced on the property, is it possible for the other partial owners to buy the property for fair appraised value before other buyers, or is it more of an open auction type of sale.

I suppose to put it more simply - I simply don't know what happens in a forced sale situation. Is the entire property up for grabs? Is it sold to the highest bidder, or does the judge set a value based on an appraiser (like I have already paid to have done).

Any help or advice is greatly appreciated. This perhaps straddles inheritance law and realty law - so if I am misplaced in posting this question here, please excuse my ignorance and I'd be happy to repost elsewhere.

Thanks in advance!

[Mr. Knowitall]

You don't want to sell, but your sibling does. You don't like your sibling's price. They don't like your counter-offer. So....

Your sibling can file a lawsuit for partition and sale. That will likely cost your sibling somewhere in the five figures, and would most likely end up with the court ordering the property sold for market value. If the property is sold, you and your other sibling (or just you, if that's what you prefer) could attempt to purchase it by outbidding other potential buyers. The manner of sale - listing on the market, auction, etc. - will depend upon the facts as well as what the parties request.

Depending on how the property is titled your sibling may be able to sell her share to a third party, assuming she can find one willing to pay what she's asking.