If you recently lost a loved one, you might have some property to deal with that has multiple heirs. Many times, inheriting a home means you also inherit stress and complications. We’ve been through the process with customers numerous times, so we have a lot of tips to help you when you are selling inherited property that has multiple heirs.
One of the main reasons that a property has multiple heirs is because there’s no will. Inheriting a house without a will causes its own set of confusion.
Heir Property Ownership
When the property has multiple beneficiaries as a result of there being no will, it’s referred to as heir property ownership. This increases the number of possible heirs and also increases the chances that:
- Heirs don’t live near the property.
- Varying heirs might not reside close to one another.
- Heirs may not even know each other.
- Possible heirs don’t know how to find others involved.
- Heirs have no connection to the property.
The more heirs involved, the higher the chance is that you might lose the property altogether. Here are some tips to help you through the process.
Selling Inherited Property with Multiple Heirs
If you’ve inherited a home without a will, there are some solutions available to you.
1. Buy Out the Other Owners
Your first solution is to purchase the other’s share of the property. If there are multiple interests, you’ll likely face differing desires for that property. Some want to sell it while others think they should hold on to it.
If you desire to be the sole owner, you’ll want to consider this option. This most commonly occurs when a heir has an attachment or particular affinity to the property.
2. Partition the Land
Your next option is to partition the land. This is merely the dividing of land so that they might be sold separately. Each partition becomes converted to sole ownership so they are easier to sell.
The benefit to partitioning is that each individual owns something. This plan avoids the conflicts that often arise from a joint possession.
If the property isn’t big enough to partition, you might also partition the proceeds from the sale.
3. Split the Cash on a Sale
Another popular option when selling inherited property is to sell the home for cash. This is great if there is or isn’t a will involved. If you have a will, the executor often prepares the house for sale through a real estate agent. This lengthy process gives the heirs the most profit but requires you consistent time, communication, effort and money.
Instead, consider selling inherited property to an investor. This process gives you quick cash and a speedy conclusion. Most people end up taking this route just to avoid the hassle. This route is quick, painless and easy plus you end up with the cash you want when it’s over. If the home needs repairs, you don’t need to worry about it.
Pick the Right Investor When Selling Inherited Property
You don’t want to choose just anyone to sell your home to; there are plenty of scam artists out there looking to profit from your loss. Instead, do your research and you’ll quickly find that Integrity Homebuyers is your best option.
We’ve built a strong reputation for excellence in the community by working with people just like you. It’s not just because we have an A+ rating with the Better Business Bureau, but also because we have the resources to get you the cash you want fast. All you need to do is call us at (800) 818-4145 and we can help you through this difficult time with ease.
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