My siblings and I rental property from my father. I want to be bought out. What has to happen in order for me to get my share?

Asked by Kym Orr, Durham, CA Thu Jun 28, 2012

Only one property has a mortgage. The others are free and clear.

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John Goddin, Agent, Chapel Hill, NC
Fri Jun 29, 2012
I would start with the other family members and see what they want to do with the property. If everybody wants to cash out, you sell all of it and split the proceeds. If one or more want to stay in the property, see if they are interested in buying out your share. If they are not interested in buying you out, you may be able to force the issue, but will need an attorney to advise you on that. You will probably need an attorney no matter what to make sure all paperwork is done correctly, an appraiser to place a value on the property if that has not been done recently (may have been done as a part of settling the estate) and an accountant well versed in these types of situations to minimize tax consequences. If the decision is to sell one or more properties to a third party, a good real estate agent will also be needed. Feel free to contact me if you need help. I have worked extensively with rental property and investors in this area for 28years and own investment property of my own, so am well positioned to give you good advice.
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, ,
Thu Jun 28, 2012
This is not a realtor question. You will need to hire a real estate attorney to get your answers and also to handle the process. Good luck.
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My NC Homes…, Agent, Chapel Hill, NC
Thu Jun 28, 2012
I'm assuming you're saying that you and your siblings inherited property from your father. If you want to be bought out you need to speak with your brothers and sisters. You also need to understand that they may or may not be able to buy out your share. Assuming that one or more of them is willing to buy out your share you'd need to agree on a value. If you can't amicably agree on a value then you could either have an experienced broker such as myself come and prepare a valuation for you or you could hire an appraiser to value the property.

If it's rental property then the rental income may be the best way to put a value on it though if it's been rented below market value then this isn't going to give you the highest market value.

I think the most important thing is to consider that you're working with your brothers and sisters and that long after this deal is worked out you're all still going to be related. The value of this relationship far out weighs money and so you want to work out something that everyone can feel good about.

Feel free to contact me directly through my profile here on Trulia if I can be of any assistance.
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Adam Dickins…, Agent, Durham, NC
Thu Jun 28, 2012
A team of people: an attorney, an appraiser, and an accountant should be involved to help make the buyout as fair, legally unambiguous and as tax-advantaged as possible. If selling one or more of the properties is necessary to create the liquidity needed to buy you out, then a good realtor (ahem :) ) would also be a terrific asset. Alternatively, you may wish to refinance some or all of the properties as well. In the end, your family has to be willing to buy you out. I can give you referrals to all the professionals you may need, and am happy to help however I can. I can be reached at 919-452-3751, or at adam@501realty.com
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Michael Colv…, Agent,
Thu Jun 28, 2012
Hello Kym
One of 2 things must happen, 1) either the properties must be sold or 2) Your siblings would have to have the money to buy you out. Either way I would recomend an appraisal on all of these properties otherwise determining value could be quite difficult. If you could agree possibly you could split the properties up between you and you could sell yours.
Michael
0 votes
Kym Orr, Renter, Durham, CA
Thu Jun 28, 2012
We" inherited" the property. Sorry I left out the word.
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