Updated over 14 years ago on . Most recent reply
Advice needed, 50% ownership of a auctioned home
Hi,
I'll try and make this brief. My grandmother died last year and my mom and my aunt have 50% each ownership of my grandmother's home.
My mom wanted to keep the house, and my aunt has forced a sale.
The home is now up for auction. My mom is hesitant to bid for the home since she is near retirement and the house is in a rural area about 30 miles from her work and where she lives now. My mom doesn't want a mortgage payment at this stage of her life.
The home has an appraised value of $120k.
My question is, could my mom get a quick sale out of the house if she was to sell the home at 20-30% of appraised value. My mom doesn't feel confident of a quick sale since it is in a rule area.
Any advice is appreciate. And if it helps here is the listing of the property in the local online newspaper.
http://beechtreenews.com/articles/master-commissioner-sale