When children inherit real estate and one wants to be bought out of the property but the other doesn't have the money, what happens?

Question

When children inherit real estate and one wants to be bought out of the property but the other doesn't have the money, what happens?

Answer

The property would have to be sold to a third party and the money divided, unless the parties came to some agreement. In many casess like this, the heir who wants to keep the house agrees to obtain a mortgage on the property for the amount needed to buy out the other heir. Then, he can buy out the other heir and pay for it over 15 or 30 years.