In Partition Action, partition by sale, how does auction work?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
In Partition Action, partition by sale, how does auction work?
In New York, if residence is to be sold in partition by sale, does auction have opening bid? Is opening bid fair market value from arm’s length appraisal? Can residence be sold below fair market value?
Asked on September 15, 2018 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
It is not an auction with a "reserve price" below which it cannot be sold; it is true auction in that the highest bid wins. So yes, a home can be sold at below the apparent fair market value if no one will bid at that value.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.