In the last year, as the real estate market in Los Angeles has experienced strong periods of growth following by a slight leveling off on growth our Los Angeles Real Estate Attorneys have seen a continued rise in partition lawsuits. This begs the question of whether now is a good time to partition real property and, in general, when is a good time to partition real property. One factor to consider is how the real estate market is doing presently and your own prediction on how the market will be doing in 6 to 12 months.
No one can precisely predict the real estate market but that does not mean that market conditions can be ignored. We did not see as many partition cases 4 years ago as we see now because the real estate market was struggling and wise sellers and people considering partition claims were holding onto their properties and claims to allow the market to rebound.
We suggest you consider where the market is now and where you think it is headed in the next 6 to 12 months. These are good relevant time frames because most partition cases settle. The most frequent time for them to settle is either right before the lawsuit or within a 6 to 12 month period after the lawsuit is pending. Accordingly, if you think the market will be on an uptick next spring then the time to consider bringing your claim would be 6 months or so before.
The reality is that partition matters can take a while to get all aspects of the claims resolved. As litigation slows down in California due to increased budget constraints the court controlled process becomes more and more time-consuming. The goal, of course, in any partition claim is to try to maximize recovery for all parties by listing the property for sale at the height of the market.
The flip side of trying to time the market to list the property for sale at the top of the market is if either party is seeking to buy out the other party’s interest in the property through a private sale or a partition by appraisal. If you are the party seeking to purchase the other party’s interest, then you would want to try the opposite timing approach to force a sale at a low point in the market to keep the purchase price depleted.
For a free consultation on your partition claim contact us at www.schorr-law.com, 310-954-1877, email@example.com.