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Home to be sold - can family buy?

Discussion in 'Division of Marital Property' started by talerco, Apr 8, 2021.

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  1. talerco

    talerco Law Topic Starter Member

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    Jurisdiction:
    Colorado
    After over a year Sam and Joan have agreed to nothing.
    They own the family home - that Sam moved out of a year ago - and 2 investment properties.
    Finally a 3 hour court date in a few weeks.
    Since they can't agree on real estate values and appraisals have not been done it seems (to this novice) the judge will probably order all sold.
    Questions - Can the family of Joan buy the family home to save Joan and 3 kids from moving disruption? At what value? Can Sam object?
    Thanks!
     
  2. adjusterjack

    adjusterjack Super Moderator

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    Yes.

    Fair market value. In other words they'll need an appraisal and have to buy it for the same price that it could be sold for on the real estate market, with a possible adjustment for real estate commissions that won't have to be paid.

    Sure, he can object. But why would he? He'd be getting the same share of the proceeds that he would get if the house got sold to anybody else through a real estate agent. If he objects out of spite, the judge will make short work of him.
     
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  3. Tax Counsel

    Tax Counsel Well-Known Member

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    Where in Colorado is the home located?
     
  4. Zigner

    Zigner Well-Known Member

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  5. talerco

    talerco Law Topic Starter Member

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    Boulder area - does it matter?
     
  6. talerco

    talerco Law Topic Starter Member

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  7. army judge

    army judge Super Moderator

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    If multiple property owners disagree
    They'll have to get judge to partition the property
    A court appointed trustee gonna make mo' money
    Just because them people can't agree
    Them people 'bout to lose money
    Be more profitable if them can work in harmony
    That way they make more money.
     
  8. adjusterjack

    adjusterjack Super Moderator

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    Different question, same topic - Divorce.

    Please keep all future questions about Sam and Joan in THIS thread and don't open any new ones. I closed your other thread to avoid parallel discussions.
     
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  9. Zigner

    Zigner Well-Known Member

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    A different question about the exact same matter.
     
  10. zddoodah

    zddoodah Well-Known Member

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    I guess we're supposed to infer -- although you did not say -- that Sam and Joan are married.

    In any given case, there may be any number of court dates. What is the purpose of this upcoming court date?

    I'm not sure what "the family" means, and it should be obvious that no one here will have the slightest idea if this group of people have the ability to do this.

    You're asking us to put a value on a home that we know NOTHING about?

    Of course.

    I'm not sure what your real question(s) are, but are you one of Sam or Joan and, if so, are you represented by an attorney?
     
  11. Tax Counsel

    Tax Counsel Well-Known Member

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    Yes, it does matter. The real estate market in Boulder right now is quite hot — a seller's market. That means if the husband here does have a problem with arranging a sale with the family of his soon to be ex wife without putting it on the open market he can easily insist they put it on the open market and take the highest bid for the place. That means for the family to buy it, they'd need to top whatever the highest other bids are to succeed. That's how the price would be set. That in turn may mean they'd have to over pay to get it, assuming the top bid they get from an unrelated third party is indeed fair market value. So they are likely better off selling the place, splitting the cash, and then she can find a new place that is affordable given her particular financial condition.
     
  12. talerco

    talerco Law Topic Starter Member

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    I'm a relative helping Joan, who has an attorney, that I am second guessing.
    I kinda think that is what this forum is for.
     
  13. talerco

    talerco Law Topic Starter Member

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    Thank you for the helpful reply.
     
  14. Zigner

    Zigner Well-Known Member

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    This forum is not for uninvolved third parties to "second guess" attorneys. If your sister has concerns, then please feel free to have her log on to ask her own questions. Better yet, have her bring up her concerns with her attorney.
     
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  15. talerco

    talerco Law Topic Starter Member

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    The front page of 'thelaw.com' says;

    "Providing legal help, information, legal forms and advice to the general public. A legal resource for attorneys, business professionals and the average person to find self help with the law. Ask a question, get quick answers."

    I disagree with what you say about who can and cannot post questions here from the 'general public' or as an 'average person'. If the answer is always "see an attorney", what is the purpose here?

    Replying for a friend.......
     
  16. Zigner

    Zigner Well-Known Member

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    Again, uninvolved 3rd parties aren't really what this forum is for designed for. That's not a hard and fast rule, but there's really nothing you can do. Your daughter needs to speak to her attorney.
     
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  17. adjusterjack

    adjusterjack Super Moderator

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    Not always. But, sometimes, it has to be the answer after we've attempted to provide helpful comments and guidance.

    The bottom of the page has the following admonition.

    Legal Disclaimer: The content appearing on our website is for general information purposes only. When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people. The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience. The law is also subject to change from time to time and legal statutes and regulations vary between states. It is possible that the law may not apply to you and may have changed from the time a post was made. All information available on our site is available on an "AS-IS" basis. It is not a substitute for professional legal assistance. Before making any decision or accepting any legal advice, you should have a proper legal consultation with a licensed attorney with whom you have an attorney-client privilege.
     
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  18. talerco

    talerco Law Topic Starter Member

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    Thank you - and I will highlight;

    When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people.

    I just can't figure out why when asking a question it matters who I am. And, even if I have any vested interest in the case. I might be personally involved. Or, I might be a curious onlooker - or working on a term paper with completely made up 'facts'. I don't see how any of that would affect answers to questions posed.
    How about I just pose questions hoping for answers?
    Denying "answers, opinion and responses" based on interpreted 'standing' just seems pointless.

    I'll end this here.

     
  19. Zigner

    Zigner Well-Known Member

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    Best wishes to your daughter in her legal matter.
     
  20. zddoodah

    zddoodah Well-Known Member

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    I mean...ok. I didn't ask the question to start a debate about the purpose of this cite. Person A using information obtained from anonymous strangers on the internet (not all of whom are attorneys and not all of whom are in the relevant state) to question what Person B's attorney is doing is fine. However, I hope Joan is smart enough not to act on whatever you relay to her and, if she is also questioning her attorney, will speak with her attorney about her concerns and, if necessary, seek a second opinion from another attorney licensed in her state.

    As someone who's been posting on sites like this for 20 years, it is highly useful to know if we're getting firsthand information or information that has been filtered through multiple people.

    How about you not be quite so difficult with folks whom you are asking to spend valuable time helping you/your relative?
     
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