Do all heirs have to agree to sell a property?
Hey, guys, it’s Brad again. So you’ve inherited a property, and maybe you’ve got one heir, two heirs, whatever, and you need to come to an agreement on whether to sell a property. Many times, we run into situations with families who’ve inherited a property, and one person or maybe two people, usually it’s only one person, that doesn’t want to sell this property. A lot of times, they don’t want to sell the property for sentimental reasons, and some other instances we’ve run across is because they live in the property and you’re taking the roof out from over their heads. So all of a sudden, they’ve had this house that they’ve lived in for a number of years for free and you’re just taking away their gravy train, so naturally, they’re going to be a little bit upset when you go to try to sell the property, you and your siblings or whoever the heirs are.
When you are filing the probate, if there is a will, usually, a will is going to spell out what happens to the property. If there is no will, as part of the probate process, all the heirs are going to have to agree to whoever you’re going to appoint as administrator of the estate. And at that point, the administrator needs to work on behalf of the heirs, so they need to do what is the best wishes of the heirs. If you can’t agree to sell the property, sometimes the judge will have to intervene.
If you are dealing with a situation where you do have one difficult heir and you are doing the probate yourself, really, I would highly recommend anyone consult a probate attorney to probate a case, whether it’s easy or it’s difficult, you can do it yourself, but if you make mistakes, it can come back to bite you, so I would highly advise you to contact a probate attorney to help you through this matter. If you need a referral to a probate attorney, we have a fantastic network of probate attorneys that we work with all over the country, we’d be happy to refer you to one of them.
If you are dealing with that situation, you can try to deal with it on your own first. I have some other videos that are kind of similar to this topic around dealing with a sibling who’s being unreasonable, that sort of thing. You do want to figure out why they don’t want to sell, and you’re going to have to try to solve that problem. So there may be some underlying reason why they don’t want to sell, and like I mentioned before, it could be that you’re taking the roof out over their head that they’ve been living in for a number of years, maybe they have sentimental value and maybe they really want to buy it.
We have dealt with cases where, basically, one of the siblings wants to keep the property, so they basically forego their share of the inheritance and reduce the price of the house. So to make the math easy, let’s say there’s a house that’s $150,000 and there are three heirs involved. Basically, you could knock 50,000 off of the price, and the remaining heir that wants to keep it would pay $100,000 to the estate and buy the property. So basically, the other two heirs get their 50 and their 50, and then that person gets their share of the estate as a reduced sale price off of whatever the market value would be.
I’ve also even helped people structure a creative deal before, where we structured a seller financing agreement, where basically, the one person that wants to buy it gives some cash down, gives that money to the other heirs, and then basically finances the property from the estate. Now, all the heirs need to agree to this, but that is a creative option to that. Before you get into that, I would definitely suggest that you consult a real estate attorney and/or your probate attorney before you go down that path, but that is as an option there.
So if you are dealing with an estate and you need to sell it, in many cases, all the heirs are going to have to agree. If you have one that doesn’t agree, your worst case scenario is you’re going to have to have a judge figure that out, and I would try to avoid getting to that point if at all possible. And also, if you are the executor or the administrator, make sure that you’re on the up and up, make sure you’re following the rules, make sure you’re not doing things underhandedly, because it could come back to bite you.
So I hope this video is helpful to you. I’m Brad with probateresource.com. We are a real estate solutions company. We buy properties for cash all over the US. We also have a fantastic network of real estate agents we work with all over the country that are probate inheritance specialists. So if you’ve inherited a property that you want to sell, you can either get that fast cash offer from us, we’ll buy it from you, or you can list it the traditional way. Please visit probateresource.com if you’re interested in working with us. Thanks again for checking out the video. Go over to Probate Resource or visit the rest of our YouTube channel, and we’ve got a lot of helpful content there regarding dealing with an estate. So thanks again, have a great day. Bye-bye.
Do all heirs have to agree to sell a property?
If you have inherited a property and need to decide whether to sell it, you may encounter situations where one or two heirs do not want to sell. This is often due to sentimental reasons, or because they are currently living in the property and rely on it as their home. In such cases, the prospect of selling the property can be distressing. It is important to consider the views of all heirs and try to reach an agreement as fairly as possible.
When filing a probate, if there is a will, it will typically state what happens to the property.
However, if there is no will, all heirs must agree on who the administrator of the estate will be as part of the probate process. The administrator must act in the best interest of the heirs.
If there is difficulty in agreeing to sell the property, a judge may need to intervene. If you’re handling a difficult heir situation during probate, it’s best to consult a probate attorney. Even if the case seems easy, mistakes can have serious consequences. We have a network of excellent probate attorneys across the country and would be happy to refer you to one.
If you’re dealing with a situation where you’re trying to sell an inherited property, and one of the heirs doesn’t want to sell, you can try to deal with it on your own first. There may be an underlying reason why they don’t want to sell, such as sentimental value or a desire to keep the property for themselves. It’s important to try to figure out why they don’t want to sell, and find a way to solve that problem.
Possible Solution
One possible solution is for the heir who wants to keep the property to forego their share of the inheritance and reduce the price of the house. For example, if there are three heirs and the house is worth $150,000, the heir who wants to keep the property could pay $100,000 to the estate and buy the property. The other two heirs would receive $50,000 each, and the remaining heir would get their share of the estate as a reduced sale price off of the market value.
Dealing With An Estate
If you’re dealing with an estate and need to sell it, it’s important to remember that in many cases, all the heirs must agree to the sale. If you have a situation where one of the heirs doesn’t agree, the worst-case scenario is that you may have to go to court to resolve the disagreement.
To avoid this, you can consider structuring a creative deal, such as a seller financing agreement. In this type of agreement, the buyer gives some cash down, which is then given to the other heirs, and then finances the property from the estate.
However, before you pursue this option, it’s crucial to consult with a real estate attorney and/or your probate attorney to ensure that you’re following all the rules and regulations. If you’re the executor or administrator, it’s even more important to make sure that you’re following all the rules and not doing anything underhandedly. If you don’t, it could come back to bite you later on.
My name is Brad and I represent probateresource.com. We are a real estate solutions company that buys properties all across the United States for cash. In addition to this, we also have an extensive network of probate inheritance specialists who are real estate agents that we work with all over the country.
Let’s Connect
If you have inherited a property that you want to sell, you have two options. You can either get a fast cash offer from us and we’ll buy it from you, or if you prefer, you can list it the traditional way. If you’re interested in working with us, please visit probateresource.com. Thanks for watching our video. You can visit the rest of our YouTube channel or go over to Probate Resource for more helpful content on dealing with an estate. Have a great day!