Your parents meant well. They didn’t want to cause hurt feelings. So they gave two or more siblings equal shares of an inherited house.
But the challenge now is how you and the other involuntary co-owners split up the responsibilities for paying utilities, property taxes, and upkeep.
Will one of you live there and pay the others rent? Or will you all rent it out and share the proceeds?
What if one wants to sell, but the other can’t let it go? It’s a common problem with no easy answer. So you want to know: is selling a share of the inherited property possible?
Of course, your best course of action is likely to consult with an attorney about your specific information, but we hope to provide you with some more general information to assist in the decision process.
The Probate Process
If the estate needs to go through the lengthy probate process, this may take a year, sometimes more according to The Balance. So know, even though you may be able to live there during probate in some cases, you won’t be able to sell an inherited home until that’s complete.
What If Your Parent’s House Is Left in Will to Two Siblings?
After probate, this home belongs to you and one or more siblings. What now? You’ll need to treat it as a shared asset. Some states call you “co-tenants” rather than co-owners to recognize this sharing relationship, as explained by Investopedia.
If you and your siblings agree, you could just sell the home at this stage and split the proceeds. The executor of the estate, which is probably you or your sibling needs agreement from the other. You will likely want to consult an attorney to assist during this process.
Any capital gains taxes, real estate agent fees, and other expenses would need to be paid before divvying up what remains.
Alternatively, one sibling may want to hold onto the property for financial or sentimental reasons. This can cause a bit of a tense relationship, especially if one is financially able and the other facing difficult times.
Because, if the house falls into disrepair, both of you lose out in value of the house. But only one of you may have the money to keep it up.
Fortunately, you have some options for an inherited property split between siblings:
- The two of you decide it’s best to sell the property together (Ideal in most situations)
- One of the family members buys the other out
- One forces a sale
Selling a share of an inherited property may still be possible. But it will depend on the property.
How Do I Request a Forced Sale of Inherited House?
First, let us say, it’s best for your relationship if you can convince your sibling to voluntarily sell by making your case and trying to work it out.
If you mention that you plan to force a sale, they may agree to freely sell without having to file. That saves the paperwork, hassle, and fees. But this isn’t always an option.
Regardless, you do have legal rights. And you need that money now.
Once you file a petition, you have two possible outcomes.
What Is an Inheritance Partition Action?
The two of you, or the courts, may be able to physically split some properties into what is known as inheritance partitions.
This may be possible with a multi-family home, undeveloped property, a large ranch, or multiple rentals. Once they finalize the separation, you can legally sell your share of the inherited property.
A property assessor will come in to determine fair market value and help the two of you split up the assets.
What If Property Cannot Be Divided?
Some properties can’t be physically or equitably split. These might include your family home or a vacation home. But there have also been cases like Potts V. Rogers.
In this case, six siblings inherited a group of properties. But one piece of real estate was more valuable than all of the others combined. So there was no way to split them evenly.
The rules of probable vary state-by-state, so be sure to consult with a professional to know your local laws. If the property cannot be divided, in most states, the sibling who wants to sell has the right to sell. So the whole property must now be sold to satisfy the court petition.
Selling Your Share of Inherited Property
Whether the properties could be split or not, you now have the complete the sale of the property. What’s next?
You need to sell it quickly without any hassles. The average home sits on the market for 60-90 days, and even more in as-is condition or in certain markets.
Why not sell it to HomeGo?
We buy properties in all conditions in your area. HomeGo’s licensed real estate agents complete a brief walk-through to provide you with a transparent offer, same-day offer.
We are able to make a cash offer on the spot and complete the buying process in as 7 days. HomeGo is A- rated with the BBB with thousands of delighted sellers around the country. Are you ready to sell your inherited property? Schedule a home walkthrough.