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  1. #1
    Join Date
    Feb 2011
    Location
    Lafayette LA
    Posts
    2

    Default Is a Forced Sale or Forced Partition Always a Sheriff Sale

    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.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is a Forced Sale or Forced Partition Always a Sheriff Sale

    I'm unfortunately not in a position to review the estate plan or court file, and on top of that Louisiana has estate laws that are considerably different than those of any other state. I am surprised that the court would be content to leave the probate estate open indefinitely (or is this a trust, and you forgot to mention that). I suggest having your situation reviewed by a Louisiana probate lawyer.

  3. #3
    Join Date
    Feb 2011
    Location
    Lafayette LA
    Posts
    2

    Default Re: Is a Forced Sale or Forced Partition Always a Sheriff Sale

    Thanks Mr. Knowitall for your response. Probate is closed, my parent's home is not in the LLC so it was to go to all 5 of us but that's when everything came to a halt. None of the furnishing's been inventoried or divided, everyone's just acting as though our parents are away on vacation and they're housesitting... The LLC is the same way, nothing's been divided out of anything on the estate, I want things that can be divided up - to be divided up. But they just want things to be status quo as when the parents were alive... It's very odd, and they act angry that I'm rocking the boat with my requests for closure on the estate and threaten that it will have to go to Sheriff's Sale if I keep pressuring them.

    Please advise.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is a Forced Sale or Forced Partition Always a Sheriff Sale

    If the estate is closed, then presumably you've inherited the property and you're joint tenants. But you're making me guess.

    If you're a joint tenant you're free to try to find somebody who is willing to buy your share of the property. You're free to try to sell your share to one of your siblings. And there's no reason you and your siblings cannot agree to sell the property at market value and divide the proceeds, no sheriff's sale required. You're free to consult a lawyer about bringing an action to force a sale; you can expect to spend five figures, but you can also expect the sale to be at market value.

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