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Multiple siblings inheriting property: ?A Real Estate contract where party has option to take either "buy out" or "sell out" position?

Parent left property to two children. First child would prefer to own the house. Second child would prefer to "cash out" and sell out their interest in the house to first child. There are disparate appraisals and an opinion from a local, knowledgeable established real estate firm. Still "buyer child" and "seller child" are not aligned in valuation.

It is understood that either party could force the sale of the property with a "Partition Action". That can result in both parties ending up with less value and hard feelings.

To encourage a "meeting of the minds" and a mutually agreeable price/value for one party to buy out the other, is there a type of real estate contract whereupon the "seller" has an option to "switch places" with the "buyer" if the valuation seems too one-sided in favor of the "buyer"?

It would be greatly appreciated if comments and answers might address the main question and not wander to tangents.

submitted by /u/Endor-Phinder
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17ehdx9/multiple_siblings_inheriting_property_a_real/
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