One of the most complicated situations when a person passes away is when siblings inherit the family home. One or more of the siblings may want to sell while another one may wish to keep it and live there. Dealing with an inherited family home is both a financial and emotional decision.
Choose a Buy Out
If one sibling wants to keep the home and live in the house, they could buy out the others. The title then transfers to the one sibling and the others have no more responsibility for the property. Of course, the person wanting to buy the house must have money or be able to get a loan.
You can list the home for sale and wait for buyers. Unfortunately, this option doesn’t work too well with a home in probate. It can be difficult for buyers to get financing on a property without a clear title, which limits your potential buyers. If the home hasn’t been updated in some time, many buyers won’t be interested.
Fix and Sell
You can decide to fix up the family home, so it brings more on the market and sells faster. For this option to work, someone will need to have cash on hand to pay for the renovations. The costs can add up quickly, and many people don’t have the extra money lying around.
Rent Instead of Selling
Another option if someone wants to keep the property is to turn it into an income by renting it out. This decision allows you to keep the property but make it profitable. However, you must decide who is responsible for handling the maintenance and tenant issues.
Sell for Cash
One of the biggest issues with family homes is they are often outdated and neglected. Even if all the siblings agree to sell, they may worry that the house will require too many repairs and updates. If the estate doesn’t have the money and the siblings don’t have money to invest in a remodel, the house could sit on the market for months while waiting for a buyer.
In this situation, you may choose to sell to a cash buyer. With a cash buyer, you don’t need to make updates or pass an inspection. You don’t have to wait for a willing buyer to get financing for the property. A cash buyer who pays a fair value based on the current condition of the property will allow you to get on with your life.
If you and your siblings recently inherited the family home and need to get it sold, contact Quick Home Offers. We’ll provide a fair cash offer based on the current value of the property. You and your siblings get to decide if you want to accept.