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Coffee Shop
Uncle p'd me off!
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<blockquote data-quote="WalnutCrest" data-source="post: 1430312" data-attributes="member: 21715"><p>An idea for splitting up the farm...</p><p></p><p>Get the three brothers to agree on the most common sense way to divide the property into at least three pieces; they don't need to be the same size. Ideally there would be 4-10 parcels of different sizes. </p><p></p><p>Get two different appraisals of all parcels. </p><p></p><p>Average the value of the appraisals for each parcel. </p><p></p><p>Add up the total value, and divide it by three. That's the amount each brother had to bid with to buy the parcel or parcels they want. If they bid more than this, there is a good chance they'll need to bring money to closing. </p><p></p><p>Allow each brother to submit sealed bids for each parcel they're interested in, using their 1/3 of the total average appraised value as currency. </p><p></p><p>Once it's determined who the top two bidders are on each parcel, tell each brother the dollar amounts of the top two bids for each parcel. </p><p></p><p>If a brother isn't one of the top two bidders on a particular parsel after the sealed bids, they're out on that parcel. </p><p></p><p>Then allow the top two bidders for the parcel getting the highest bids in the sealed bid portion bid back and forth in fixed increments until there is one buyer. </p><p></p><p>Then go to the next parcel until done. </p><p></p><p>Once all parcels are sold, add up the amounts, divide by three and figure out which brothers are paying money and which brother are receiving money. </p><p></p><p>If the brother or brothers who are paying don't pay within ___ days, the 2nd highest bidding brother for the highest priced parcel the paying brother bought but didn't path for now has the option to take the parcel at their last bid price. </p><p></p><p>Etc. </p><p></p><p>Good luck.</p></blockquote><p></p>
[QUOTE="WalnutCrest, post: 1430312, member: 21715"] An idea for splitting up the farm... Get the three brothers to agree on the most common sense way to divide the property into at least three pieces; they don't need to be the same size. Ideally there would be 4-10 parcels of different sizes. Get two different appraisals of all parcels. Average the value of the appraisals for each parcel. Add up the total value, and divide it by three. That's the amount each brother had to bid with to buy the parcel or parcels they want. If they bid more than this, there is a good chance they'll need to bring money to closing. Allow each brother to submit sealed bids for each parcel they're interested in, using their 1/3 of the total average appraised value as currency. Once it's determined who the top two bidders are on each parcel, tell each brother the dollar amounts of the top two bids for each parcel. If a brother isn't one of the top two bidders on a particular parsel after the sealed bids, they're out on that parcel. Then allow the top two bidders for the parcel getting the highest bids in the sealed bid portion bid back and forth in fixed increments until there is one buyer. Then go to the next parcel until done. Once all parcels are sold, add up the amounts, divide by three and figure out which brothers are paying money and which brother are receiving money. If the brother or brothers who are paying don't pay within ___ days, the 2nd highest bidding brother for the highest priced parcel the paying brother bought but didn't path for now has the option to take the parcel at their last bid price. Etc. Good luck. [/QUOTE]
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