SLE Staff answered 2 years ago
Selling My Parents Home in St. Louis, MO
Have your parents passed away or maybe they’ve just downsized and transitioned into senior living. You’ve inherited their home and now you’re wondering what to do with it. As we discussed last week there are a few different choices available to you. Let’s delve a little further into this topic.
Navigating a Buyout
Outside of the finances, you may be wondering what to do with the property. An inheritance buyout happens when more than one person has inherited the property. This occurs when the people who have inherited the property can’t agree on what to do with it. One wants to sell the other wants to keep it. It can be a very tricky situation if you can’t come to an agreeable solution and may need legal advice which could be costly. Otherwise, one sibling can buy out the other’s portion of the inheritance.
What Happens When Mom and Dad Left the House to You AND Your Siblings
Unless otherwise stated in their will this means that you will all have an equal share of the property. You do however have a couple of options:
- You can keep the property and the entire can equally enjoy it together.
- If you all agree you don’t want to keep the property you can either sell it or rent it. In selling it you can split the profits equally or if you choose to rent it you can have extra income and decide how much each one will get and divide the responsibilities as a landlord.
- In some cases, siblings are unable to agree on what to do with the house and this is where a buy-out could be helpful.
How Do You Buy Someone Out
If you can at least agree that one wants to sell and the other wants to keep the property then you can simply pay your portion of the real estate to your sibling and they can sign the deed over to you. Unfortunately, if you’re unable to come to some type of agreement you may need to obtain legal advice.
How Can I Refinance the Property to Buy Out the Others
In order to buy out the others, you will need to come up with the necessary cash to do so. In the majority of cases, your typical lenders like a bank won’t help. You could look to a money lender such as an estate funder, also known as trust loans, probate loans, or inheritance loans.
Can Siblings Require the Sale of an Inherited Property
If you want to keep the house and your other siblings want to sell you may be wondering if you have any rights at all. You may be forced to sell if you’re unable to come to an agreeable solution. If you’re unable to compromise your siblings could file an action with the court thus forcing you to sell.
If you find yourself in this predicament or just have questions give Senior Living Experience a call today. We are here to assist you and answer any questions or concerns you may have. We are your all-in-one senior concierge service company. We’re here to help make your transition to senior living and the selling of your home quick, easy, and hassle-free.