About 20 percent of Americans can expect to receive an inheritance one day. Getting an inheritance can leave you with mixed feelings. It means you have lost someone you loved. However, it can also provide a helpful injection of money into your finances. When it comes to inheriting a house, things can become tricky fast.
Especially if the house is left to several people who cannot decide what to do with it. Keep reading for more information on what you can do when heirs disagree about selling a house.
Who Decides When to Sell?
Sometimes a relative may leave their house to several people. Or, they die without a will, and you find yourself an accidental homeowner with your siblings or other relatives.
This can lead to various scenarios. Perhaps one person currently lives in the home, meaning the other heirs get no benefit from their house inheritance. Maybe one person wants to rent it out for income while another wants to sell it and pocket the cash.
When a legal process is still ongoing to settle the deceased’s estate, an administrator of the will may have the right to decide to sell the house. This may be necessary to resolve certain debts.
However, once all assets have been distributed, there is no easy way to decide. All heirs will have to get together and discuss the best way forward. The property cannot be sold if they all do not agree.
Arguments to Sell an Inherited House
If you want to convince your co-heirs to sell the house, it is best to face them with facts and figures about why to sell your home.
The first thing to consider is the condition of the property.
Many older people are unable to keep up with maintenance on their homes. It might also have been standing empty if the deceased had been moved to a care facility.
As long as it stands empty, it will cost you money. Especially if there are property taxes. Selling it fast can be the best way to recuperate some of its value. Many people specialize in fixing up old homes and will be happy to take it off your hands.
If you want to rent it out, it may need extensive repairs. As an accidental owner, are you willing to put in the time and effort to be a landlord? Let your co-heirs know that a home inheritance can turn into a burden.
If one person is set on keeping the home or living it, they might be able to buy out their siblings and become the new homeowner.
Take Legal Action
If compromise is impossible, you may have to take legal action. This is an attempt to try to force your siblings to sell. It can take time and cost a lot of money.
You will want a court to decide that selling is in everyone’s best interests. If this happens, the court will either sell it as soon as possible or put it up for auction. In this case, you may get a price below that of other Austin homes.
Selling Your Share
If you have legally acquired your property through an affidavit of heirship or through probate you can sell your share of the property to another interested party. This will get you your cash and eliminate the burden of further negotiations with heirs that may be preventing a sale of the property.
Ease Stress After Inheriting a House
Navigating legal proceedings after losing a loved one is a headache. Inheriting a house should be a blessing and not a burden.
You need someone with experience buying and selling homes in Austin when heirs do not agree to get you the best price.
Contact us if you need help selling your home or your share.