How to Deal With Multiple Owners Scattered Around the USA

[Lynn Henley]

I've found a residentual lot with 5 owners, who are scattered from FL to CA, but none local to the property. I've had verbal commitments from 2 of the owners, and they tell me everyone is OK with selling it. I've had a local Realtor tell me that it should resell pretty quick.

Do I send each of them the paperwork for 1/5 the selling price?

Do I send each of them an "Option to Purchase" or a regular "Purchase and Sale Agreement, not knowing if all will actually go for it? If I send an Option, do I get a Memorandum notarized? The relative in CA is elderly, and I've been told has a hard time getting around.

What's the best way to deal with multiple owners, who are scattered all over the country?

Thanks,

Lynn (FL)