My question involves estate proceedings in the state of: Louisiana
My Mother passed away over a year ago and left her home to me and my 4 siblings. It was appraised 6 mths after her passing and re-appraised a few weeks ago, it has dropped in price by $150K, 30K each. Since Probate closed, one sister and I have asked to be bought out, they want to hold on to it until the market gets better. When I mention this to them they say that if I force it, the only recourse would be a Sheriff's Sale, where they would then buy the house back for a song. The other alternative they've offered is for me to take a loan against the house for my 1/5 interest and pay the bank loan back myself.
It doesn't seem fair that we have to continue to lose money by being lumped in with them. Also, one sister used to be in Real Estate and says that if they did buy me out, 6% of the house's appraisal value needs to be deducted from the overall value of the house for Real Estate fees they say are automatically added to appraisal values.
One sister is living in the house (rent free) and the others use the house as a general meeting place, the estate pays all the bills incurred. It's an older house and the longer they are there, the more repairs are coming out of the estate in general. I don't see an exit strategy here, it could go on forever, is this legal?
Please give me some advise on how to get my inheritance before it's all gone.