Selling My Share of a House... Allowed?

[LadyInTheRed]

I also do not know how you could sell this, other than to one of the other 6 owners of the home. Strangers would not have a interest in owning a place with a bunch of people they don't know in this manner.

Exactly. If $10,000 is 1/7 of the value of the entire home, the market value will be less than $10,000. From my experience getting valuations of property for estate tax purposes, $7,000 could very well be in the ballpark. There are appraisers that will do discount valuations of a fractional interest in real estate. If you sell at a price that is backed by an appraisal, you should be okay. But, check with an attorney first.

[backontrackOH]

NoMoreCards, thank you for your reply. Since I posted, I have found more information about the situation. I also have an appointment to see an attorney next week. In the beginning, I was going to file pro-se. I thought I could do it myself. Now, with my wife's death, and the implications of her debt, along with the interest in the home, I'm sure I wouldn't be able to do it alone!

[NoMoreCards]

You are clearly in a pickle.
I don't think the trustee can force the sale of the home, as he/she would have rights to only 1/7th of its value. The interest just isn't there to force the others do do what the trustee wants.
I also do not know how you could sell this, other than to one of the other 6 owners of the home. Strangers would not have a interest in owning a place with a bunch of people they don't know in this manner.

I suggest you schedule a consultation appointment with a few local bankruptcy attorneys to see what the legal implications are of this.

Best of luck to you.

[backontrackOH]

Recently, I became a 1/7th owner of my father-in-laws home. My wife died in September after a long fight with cancer, God rest her beautiful soul. She was the youngest of 7 brothers and sisters. I am now ready to file Chapter 7. I need to understand what the implications are concerning my ownership of the home.

Will the trustee put a lien on the home?

Can the trustee force the sale of the home?

Can I sell my share of the home before I file and spend the money?

Can I sell my share of the home at less than it is worth?

I probably won't be able to sell my share at it's full value, so I was thinking of selling it at a reduced amount ($7,000 instead of $10,000). Would that be allowed? I would like to take the money and put it down on a lease to own contract on the house I am renting. Would that be allowed? I know I'm asking a lot of questions here, but I am so confused about this. Thank you in advance if anyone has any insight on my situation.