Selling a House With Multiple Owners
In cases where you would like to sell the house, all the owners must agree. It may be challenging to get a group of people to all agree on an offer. If one owner does not decide to sell and a contract was not drafted before joint ownership, as with the case with many inherited properties, the house cannot be sold.
You should all know how to price the house, the date of selling the house, and any other factor that might lead to arguments during the negotiations. Doing this will make it much easier to agree on which price range is acceptable to everyone after negotiations and reasonable closing date.
If one of the owners urgently needs to sell the house and is not in agreement with the rest, they can serve the co-owners with a partition lawsuit. This lawsuit can force the sale to happen. This is not advisable, though, because partition lawsuits can be expensive due to the court fees.
Settling these matters out of court is the best option as each owner can make a sizeable profit.
Use a Realtor
It is paramount for partners to consult a realtor who’s a third party when selling a house with multiple owners. This ensures that the agent equally represents each owner during the whole process. All the partners should agree on one realtor to make the process smoother.
The realtor, who should have vast experience in real estate, will guide this process. They can refer the owners to lawyers, good financial institutions and advisors, and other relevant professionals to ensure that the sale is successful.
It is suitable for owners to avoid referrals from family or friends because some of the partners might feel like their interests were not considered. When one partner feels like they cannot voice their own decisions regarding the house due to bias, it may cause turmoil.
Staging and Selling Costs
An experienced realtor can make the process of selling a home more manageable, but that doesn’t mean that it’s not tedious. The owners should indicate the responsibilities that should be undertaken in their agreement, and these should be written down. The owners should not leave all the commitment to the realtor but also chip in with helpful information.
If the home is run down or needs a considerable number of repairs, the owner should unanimously agree on how to go about the repairs. It would help if you decided on which contractors to hire, what to buy for the repairs, and how much should be spent.
When it comes to staging the house, the owners should all agree on making the house alluring to potential buyers. Think about what will make them want to drop in once they see it. Can someone consider the home near perfect? Is everything where it’s supposed to be? Does the look of the home stir up positive emotions and make you want to live there?
Joint owners should decide whether to be present during showings, touch base with the realtor on what will make the showings successful and how they can help, etc.
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