umassmza t1_j6mqs1h wrote on January 31, 2023 at 12:59 PM

List the house and let the market decide.

If uncle doesn’t want to list it you tell him it’s $250k or we file a partition action and everyone loses. Though if it is worth $500k, you might do better than what he is offering in the end even with legal costs.

alieck523 OP t1_j6mr4pv wrote on January 31, 2023 at 1:02 PM

It's a family home from the 1800s on land owned by my family since the early 1800s. Want to keep it in the family. Which add such a level of headache

umassmza t1_j6msjmt wrote on January 31, 2023 at 1:15 PM

Fun thing about partial ownership. Even if you have 1% ownership in the property you still have full rights to its use the same as the person who owns 99%.

If you want it keep it. Do you think your uncle will leave it to you someday? Or eventually lose it due to end of life costs or leave it to someone else?

Place it in a trust, set up so it passes to you and your brother after your uncle. Have him pay rent to the trust that you collect as beneficiaries.

alieck523 OP t1_j6mu3u9 wrote on January 31, 2023 at 1:28 PM

Yes, he said I will inherit it upon his death (no children, brother and I are heirs). He is extremely wealthy.

Thank you so much for your reply!!

guest0112 t1_j6mze4l wrote on January 31, 2023 at 2:10 PM

You’re saying he is extremely wealthy but is he really? I get the sense from your post and comments that he’s not exactly all that wealthy. And it’s nice that he says you’re inheriting it, but unless there’s some sort of iron clad signed agreement, I’d take that statement from him lightly. You’re entitled to the full 25%. Don’t get intimidated or rushed into something that you’ll potentially regret later. Be civil. Contact an estate attorney to really look things over and be patient. Try to get as much contact with your uncle in writing as possible (emails, texts)

alieck523 OP t1_j6mr7xb wrote on January 31, 2023 at 1:03 PM

I do like the idea of listing it on market to see what it may be worth! That's smart

chelsea_liz t1_j6n214i wrote on January 31, 2023 at 2:29 PM

Are you planning on selling? Listing it means selling. You can get it appraised to find out what it’s worth. I really think you should consult an attorney to help you with all this.

alieck523 OP t1_j6n2a19 wrote on January 31, 2023 at 2:31 PM

We did get it appraised and we do have an estate attorney, I just am waiting to hear back :) thanks!