Selling My Parent’s House in St. Louis, MO
Your parents are downsizing and have decided to leave you the family home. Or maybe they’ve passed away and left their property to you in the will. You now have a decision to make…keep it or sell it. If you’ve decided to sell let Senior Living Experience help. Our group of cash home buyer specialists are here is assist you in the as-is sale of your home and are here to answer any questions or concerns you may have. Let’s look at a few different scenarios regarding inherited properties.
You may be asking yourself what is an inheritance buyout? This happens when more than one person is inheriting the property. When those people, usually siblings, are named in the will and granted joint ownership sometimes not all are on the same page when it comes to deciding what to do with the property. It can become a difficult situation to navigate. Learning about inheritance funding is a good way to prepare yourself for this type of situation.
I’ve Inherited a Property with my Sibling, Now What:
If you’re in a situation where you’ve inherited a property with another person there are a couple of options available to you. If you and your sibling were left property through a probate will then you have several options available to you. In the majority of cases, you will have an equal share of the property with the other person unless stated differently in the will.
- Keeping the family home so that everyone is able to enjoy it. You may want to consider making it the family vacation home so that the future generations can enjoy the fun and memories you and your siblings had growing up.
- Another option is either selling the property or making it a rental property. Selling it can give all parties involved some fast extra cash whereas renting it out can add another stream of income for everyone. Although with renting you will need to decide how to divide up the profits and the responsibilities that come along with renting a property.
- In some cases, unfortunately, not everyone can agree on what to do with the property. One wants to sell, one wants to keep it. In this instance, you may need to bring in a third party to help decide.
Can You Buy Someone Out of Their Inheritance:
The easiest way to buy someone out of their inheritance is if they agree and you pay them cash for their share and they sign their deed over to you. You could also consider taking out a mortgage, but only half, in order to buy them out if you’re willing to take on the debt.
Can I Refinance the Inheritance in Order to Buyout the Others:
In order to buy out the others, you will need the finances to pay them. In most cases, lenders like banks are unwilling to loan money for these types of transactions. Your best bet is finding a hard money lender or estate financer, also known as probate loans, inheritance loans, and trust loans.
Can Siblings Require the Sale of the Inherited Property:
If you’re the only one who wants to keep the property you may wonder if you have any rights. You may be forced to sell if no one is able to compromise because your siblings could file an action with the court. To avoid this you want to do everything possible to come to a compromise and look at all your options.
If any of these situations sound familiar, or you just inherited a property and need to talk to someone give the experts at Senior Living Experience a call. We’re your all-in-one senior transition concierge company. We’re here for you!