Buying Partial Shares of Property
My two sisters and I have to sell our interest in three apartments in another country. We and eight other relatives have inherited the apartments, and we three sisters together have a 1/4 ownership interest. There is an attorney who has been hired to liquidate and distribute the part of the estate that does not include real property, and the eight other heirs have also hired that attorney to sell their 3/4 interest in the apartments at any price of the attorney's choosing. My sisters and I, however, have declined to hire the attorney to sell our interest in the apartments, preferring instead to make our own decision about an appropriate selling price. The decision to sell must be unanimous, so even though we hold only a 1/4 interest, we have veto power over a sale, and we want it this way because we think that the attorney will be too willing to sell the apartments cheap, particularly if the attorney has "friends" who want to buy it. Does anyone see any pitfalls in our making this decision? If so, please let me know!