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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Sale of house ?
Family member passed away and left their house to multiple siblings. One of the siblings wants to sell. What is the process? Can the remaining siblings keep them from not selling?
Message edited 4/4/2018 12:35:55 PM.
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Posted 4/4/18 12:09 PM  |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Sale of house ?
The estate must be probated and the executor should contact an attorney to handle this.
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| Posted 4/4/18 12:14 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Sale of house ?
No idea really but I would think the end result would be they would have to buy the sibling that wants to sell out.
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| Posted 4/4/18 1:01 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Sale of house ?
Yes. All have to want to sell for it to be sold. The others can buy the one out but they also don’t have to do that.
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| Posted 4/4/18 2:06 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Sale of house ?
Posted by alli3131
Yes. All have to want to sell for it to be sold. The others can buy the one out but they also don’t have to do that.
really that's interesting. So the one that doesn't want the house is just stuck keeping it. I assume they would all be responsible for maintaining it and paying taxes on it? This one person is forced to do that so they don't lose out in their inheritance
what happens if one of them want to live in it. Should they be paying the other siblings?
I feel like not just selling it and splitting the money would just be more complicated
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| Posted 4/4/18 2:17 PM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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Sale of house ?
The executor has the final say.
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| Posted 4/4/18 3:19 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Sale of house ?
It would depend, is it a summer home or a regular home? If it is a regular home and one person wanted to live there, they would take out a mortgage or pay cash to pay off thei share of the home the sibling would have received if it would be sold. You would have an appraisal done on the home to determine the value in today's market. The sibling that bought the home would be responsible for the maintenance and taxes.
If it is a shared summer home, would the sibling expect to be invited and want to still use the home? It would cause a lot more problems to buy them out. If it is a summer home, they would have to be ok with the other siblings using the home and not inviting them.
Regardless of the above, the home would go through probate if not in a trust, and any existing mortgages or Leins would need to be paid out before the kids claimed the house. If there were a lot of debts, lenders could force a sale of the home too. It can be complicated and you should see what the will says first.
Message edited 4/4/2018 4:39:40 PM.
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| Posted 4/4/18 4:38 PM |
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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Sale of house ?
House is fully paid for. The house wouldn't be lived in by one of the siblings. If anything it would be rented out.
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| Posted 4/4/18 4:53 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Sale of house ?
Then it gets tougher. I would figure out who the executor of the estate is and then have all the siblings speak with an attorney who can help you retitle the home, mortgage it, and buy out the other sibling.
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| Posted 4/4/18 9:00 PM |
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