How solid is this deal ?
A single family house. The owner died without a Will and their five children inherited to the house.
ARV of maybe $75K Will require about $30K rehab.
Originally the five owners "just-wanted-out" and four of them verbally agreed to take $2000. each to sign a quit claim deed for their 20% ownership. One of those four was subsequently paid the $2000. and the quit claim deed they signed was registered with the county.
Now the remaining four owners say that they have an investor-buyer who is going to pay $70. for the house and they are just going to sell it to the investor-buyer.
In addition to all that; I own the property next door and their garage is partially build on my land. Which was a big part of the initial effort to buy the property in the first place - to own both and so be able to easily re-draw the property line around the garage.
So to me it seems like I own 20% of the inherited house AND have a claim to a part of the garage over there.
Their position is that my quit claim deed means nothing as they can just give me the $2000. back and then get the investor guy to pay them the $70K.
Who is correct?
Who has the stronger position?
Is there any means by which I can be forced to take less than a price of my own choosing for the 20% share that I bought?
Is there anything else that I can do to better secure my position ?