Full question:
I am an owner of one-third of irrigated agricultural land in Nebraska, which three of us inherited in equal amounts. One sibling who has plenty of cash wants to purchase the property, but doesn't want to pay a fair market value for the land and will not agree to a public auction, or make an offer. I am being pressured by my brother, and my own attorney to quickly participate in a private auction between the three siblings, . I would need time to get a loan in order to make an offer. Since land values flucutate widely and are on the rise, it is difficult to obtain an an accurate appraised value. If my brother files a petition for partition, will the court accept an offer on one appraised value? What if two parties are interested in buying it? If it is sold by court order, will it be properly advertised then auctioned in order to reach a fair value? Should I get another lawyer, since I am not feeling very comfortable with mine right now.
- Category: Real Property
- Subcategory: Partition
- Date:
- State: Nebraska
Answer:
Yes, when there is a public auction, local areas have specific notice procedures. You can check with the local sheriff’s office for these rules. Generally, the court must accept a "reasonable" offer, and the appraised value serves as evidence of what is reasonable. However, other appraisals can be presented to dispute the initial appraisal.
In Nebraska, if a partition action is filed, the court will typically oversee the sale of the property. The court will ensure that the sale is properly advertised to reach a fair market value. If multiple parties are interested in buying, this could influence the sale process.
It’s advisable to consult a local attorney for a second opinion if you’re not comfortable with your current legal representation. An action for partition is often a last resort, and parties are encouraged to negotiate a settlement before resorting to court action.
For more information on partition laws in Nebraska, you may refer to NE statutes such as 25-2186 regarding the sale of property and 25-21,100 concerning partition in kind.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.