Perhaps you have inherited a house from your parents or grandparents in Portland, OR. You’d love to sell it, but there’s a problem – the house was jointly inherited. Your sibling owns it just as much as you do, but the two of you can’t agree on what to do with it. This is a problem that a lot of families face, and it can be challenging to know how to proceed.
At Better Off House Buyers, we’ve worked with a lot of families who have struggled with this problem. We offer suggestions that can make it easy to know how to move forward with selling a jointly inherited house.
What to Know About Inherited Property in Portland, OR
A lot of people have the best of intentions when they leave their homes to their children or grandchildren after they pass away. They want nothing more than to pass on their legacy. But it can be tricky to get everyone to agree with what should be done with the house. One sibling may have the desire to live in the home while the others retain ownership of it. Another sibling might want to avoid having to pay taxes on the home and sell it quickly. There is also the possibility of renting the home out while all of the siblings retain ownership.
But regardless of what the family wants to do with the house, it’s important to remember that the will’s instructions have to be followed. The deceased should have included clear directions about how the property was to be managed in the will. Those directions need to be followed during the probate process.
How this process works out for you and your siblings is very subjective. Quite often, you can all come to an agreement about what to do with the house. But when that’s not possible, you may have to take the matter to court.
Understanding Partition Sales and Buy Outs
A partition sale is when the court divides the property into portions that represent each person’s interest in the home. Once that is done, the court will either force the sale of the home, or they will auction it off. The resulting proceeds are split between the heirs.
We always try to tell sellers that it’s best to avoid partition sales if at all possible. A forced sale or auction typically results in a reduced sale price for the house. There may also be excessive legal fees that need to be paid, which can leave very little money left over.
If one owner wants to keep the house and another wants to sell it, a buy out is another option. This allows one owner to purchase the others’ shares in the property. This is a much better solution than a partition sale because everyone gets what they want. It also avoids them having to go to court.
Should You Consider Selling to an Investor?
It can be really stressful to have to go through the sale of a house when you are in the grieving process. You’ve just lost someone close to you and it can be a hard process to go through; especially during this painful time. It’s easy to get overwhelmed by everything that needs to be done in order to get a house ready for sale. That is why a lot of people turn to investors during these situations.
An investor is someone who will purchase the property from you with cash and without a long waiting period. They likely have renovations for the home in mind, which frees you from having to do them yourself. In some cases, you can get cash for your home in as little as a few days.
Selling to an investor is a process that is designed to be quick and easy. If you have recently inherited a house and you are joint owners with your siblings, it’s definitely an option to consider.
What if a Sibling is Living in the Home and Refuses to Move?
This can be a very difficult situation to navigate through. There are a few things you can do:
· Approach the sibling about a buy out. They should be willing to pay you and any other owners your share of the house if they do not want to move.
· Consider making this a rental situation. To do this, you will need to sell the house to a real estate investor landlord. The deal you make has to be contingent upon keeping your sibling as a tenant.
· Go to court and have the sale forced.
Better Off House Buyers Helps Sellers in Portland, OR
At Better Off House Buyers, we’ve run into this situation many times. It can be challenging when one heir is refusing to sell the house. But the reality is that a lot of inherited homes need a lot of work. Many of them haven’t been updated in years, and the repairs can cost thousands of dollars.
We’re here to relieve that financial burden once and for all. We’ve made our process really easy. All you need to do is contact us and tell us about your property. This can be done right on our website.
As long as the property meets our criteria, we will set up a date and time to go and see it. We always want to see potential homes in person prior to making a decision. We use safety measures like masks and gloves to make sure you’re protected. If we like what we see, we’ll send you a written offer. Your offer will be fair, and there is no obligation to accept it.
But if you do accept it, the closing can be done as soon as possible. We’ve been able to close in as little as a week, giving the buyers cash in hand.
If you are struggling with what to do with your jointly inherited house in Portland, Oregon, there’s no need to worry. We can help. Just contact us today.