Our father did a quit claim deed to us 7 children in Wisconsin. Three of the kids do not want the land anymore.
My question is, how do we determine what the fair market value is for the four of us who want to keep the land to buy the other three out.
Let's say the property is valued at $100,000. Does that mean they must each get the approximately $14,000-plus or is it all negotiable? How soon do we have to pay them what they're entitled to and if they want their money right away, does that force the rest of us to seek financing/loan in order to accommodate them?
And for the four of us remaining, it is also up to us to negotiate who gets which part of the land and say one of us wants to build, etc., my understanding is that the other 3 must agree which chunk of the property they get, that they can't just choose the best parcel, etc.
I hope this makes sense.
Thank you for your time and consideration.