Co-owned Real Estate

Naturemn
Fri, 15 Feb 2013 14:04:06 +0000

After getting advice on here about some land we co-own with other family members, I have been calling around to various entities to verify how to handle them as an asset. The appraiser said she would not even list them as you have no control, the bank said they could only be an asset if the other owners gave written consent, the college said to list it for what we would sell it to the other owner for. I tried to check into the cost of a forced sale and that would pretty much take all the value of the property to do with courts/lawyers etc.

I am sure we are not the first to fill out the FAFSA and have co-owned property. It is inherited farmland. What have others done? I want to do this right, but in the end, that money is not available to us without consent of the other owners.