What happens if 2 owners can't agree on the selling price for property

Question

My husband owns 1/2 and his brother and sister-in-law own 1/2 a house together (their dad's house - inherited). The problem is my husband and his brother can't agree on a selling price, and his brother refused my husband's offer to buy his half out. His brother wants to sell the house fast for a low price (yet refused my husband's offer of what he would end up with, if he got the price he wants minus the realtor's cut) and my husband (if he isn't allowed to buy his brother out for what we can afford) would like to sell it for a higher price, even if that means we have to hold onto it longer. The price my husband set it at is still considerably less than the value it was appraised at before property values fell. His brother chose the realtor, who hasn't been officially hired yet. The realtor feels that my husband's price is the most they can get for it, but what he doesn't know is that my husband will refuse any offer lower than that.

Answer 1

Suggest you get a mediator involved.  This sounds like a real power struggle.  If that fails, you may have to go to court, where everyone loses but the attorneys.

Answer 2

He wants to sell it fast and cheap now because the market is so bad, but he doesn't want to sell his half to your husband because then your husband could hold onto the house indefinitely until the property values go back up and make a lot off the house, which he then would not be entitled to a portion of.

I suggest you get a probate mediator involved.

Answer 3

Why not contact a realtor and ask for them to come and give you a fair selling price. You do not have to sign up with them, state that you are thinking about selling the house.

If they can not come to a common agreement, you might have to get an attorney involve to settle the issue. The average attorney will charge you $300 per hour.