My question involves real estate located in the State of: Missouri
My husband and I jointly own a piece of real estate with another married couple. When we all purchased the property 12 years ago, it was a run down 80 acre farm with an old farmhouse. Since that time, we have each built a new home and large barn on the property, all with cash. The original deed indicates it is owned 50% by each couple and basically the last one alive gets the entire property. This was a good idea at the time since all parties had planned to spend their retirement years on this farm. Time has passed and now we all want to move on and relocate closer to family. The first problem we have encountered is that our property has been for sale for over 3 years with no promising leads at the moment. It is a tough sell, 3 homes on 80 acres in the middle of nowhere! It will be really hard to get conventional financing since there are absolutely no comps in the area at all. The second problem is that my husband and I want to relocate even without selling the property but cannot figure out a way to use any of the equity we have (upwards of $350,000) since it is jointly owned and currently listed for sale. Is there any way we can sell our interest or use our equity in any way? This is a real problem for us and need to find a way out. The other couple is not interested in buying our 50%. Any thoughts would be appreciated.