Published on December 24th, 2021
Wouldn’t it be wonderful if properties were handed down with
a list of clear instructions, and your siblings were on board with the same
Members of your family may feel sentimental about the property, particularly if it was a childhood home.
There are plenty of reasons why selling is a more practical
option. In this post we'll cover Your Need to Know's when dealing with Family with an inherited house you want to sell.
If family members are scattered everywhere and relocating
to fill the home isn’t feasible, the inherited property is going to sit and
collect dust while racking up a costly maintenance bill.
Perhaps your family’s
current financial status isn’t where you’d like it to be, and having the profit
from the property can ease some of the burden.
Maybe the property is in terrible shape, and repairing it is out of everyone’s league.
Even if selling is the clearest decision, other members of
your family may not see that.
It can be difficult to feel like you’re the only
one approaching the situation with a level head, and when tensions are high,
you may feel like you’re facing a disproportionate amount of opposition.
Frame out your talking points and find the right way to approach the situation if you want to avoid unnecessary conflict.
Before you decide how to handle the property itself, you’re
going to have to empty it out.
Take advantage of this opportunity to set the
right tone, and establish a pecking order.
If the instructions left behind
weren’t explicitly clear, set some ground rules.
Take inventory of all the
valued possessions, and let the adult children start picking first.
Work down the list until everyone is mostly satisfied with what they have.
This is the best time to get everyone in a rational mindset,
working together to sort out their feelings during the process.
How you handle
doling out the possessions will set the tone for the rest of the process.
If you let things get chaotic now, they’re only going to stay chaotic when you approach the issue of selling the property.
Wait for everyone to process what’s happened.
If a loved one
has recently died, that’s going to take an understandable emotional toll on
Give everyone time to grieve and go through the motions before you have the conversation about selling.
There are two ways to approach this
You’re going to want to handle this differently, depending on whether you’re the sole inheritor, or other people have an equal claim to the property.
If the property was handed directly to you, other family members may feel sore about not having been chosen to receive it.
this, watch your attitude regarding the situation.
You can’t come across greedy or boastful, as this may heighten emotions.
The discussion should
highlight the pragmatic reasons why you want to sell the property.
If you’re in
dire straits and you need the profit to keep yourself afloat, be honest.
If you can’t afford to maintain or manage the property, now is the time to bring that up.
You aren’t the only one who gets to make the decision to
sell the property if you share it with siblings or other family members.
everyone else agrees to sell, there’s no worries there – there isn’t much more
to do besides finding the value of the home and locating the right buyer.
the other people involved have different ideas, this is where things get
tricky. If you’re the only one on your side of the fence, things may
be more difficult for you.
If you can get others to see your point of view, you’re going to have better luck. Take a diplomatic approach to the conversation.
Allow everyone involved to be heard, and say as much as they need
Don’t cut people off, jump in, and throw your opinions around as though yours are more important than anyone else’s.
As the person who votes to sell the property, you’re
probably coming from the most reasonable place.
It’s your responsibility to
outline your plan impartially, and consider the impact this will have on
Empathy is very important at a time like this, and now is the time to
show how capable of empathizing you really are.
If others are looking to hold onto the property for sentimental reasons, you need to understand that while being prepared to explain that sentiment can become a burden when it comes to property.
You should always have a selling plan.
Since selling is your
proposal, you need to make sure that all of your ducks are in a row before you
start throwing around your ideas.
You can’t expect others to do the work that
needs to be done to follow through with your prepared course of action, so be
clear that you intend to act as a leader through the selling process.
Set the groundwork that you’ll be transparent throughout the entire process, and that everyone will have access to all information. Not only does this hold you accountable, but it keeps you trustworthy.
As with most estates, others involved may fear that you’re
being motivated by greed.
People who feel as though they weren’t left enough
are going through a hard time – they’re posthumously searching their
relationship with the departed individual, and they may feel as though they
weren’t loved or appreciated.
When other people are involved, you can’t expect to keep the entire profit from the sale of the property for yourself.
It just won’t work that way.
Talk to everyone else about their concerns.
If you have a
sibling that’s desperately in need of a new vehicle or is struggling with a
crippling debt, you need to take their needs into account.
If everyone can see that they’ll benefit from the sale of the home, they’re more likely to follow the plan that makes their lives easier.
You’ll have much better luck getting things to move quickly
if your family understands that you don’t intend to make out like a bandit and
leave them all in the dust.
Incorporate them into the selling process as far as
they wish to be incorporated.
Show everyone the value of the home on paper, and make sure they know the exact amount you’ve sold for. You’ll need to make good on all of your promises, and everyone needs to walk away feeling like they got their fair share.
No matter your situation with your inherited home, we can help make the process fast, easy and simple - even if you're having trouble with siblings.
You can either fill out our online form to request a no-obligation cash offer, or give us a call at: 951-331-3844 to find out how much we can pay for your inherited house today!
Or, watch the short video below to learn more about us.
Selling an Inherited House in CA can be a complicated process. At SoCal Home Buyers we make the process fast, simple & easy, while paying you the highest off-market price possible. Click the button below to Request a fair, no-obligation cash offer on your Inherited house Today.