Selling An Inherited House

When siblings inherit a home, it can become an intense affair. This means it is always a good idea to put the right safeguards in place.

There can be disagreements on selling and if there is an agreement on selling, then there can be a disagreement on the price. Here is an example of a sibling disagreement. Kathy Richard, and Allen have just inherited their parents home. Kathy lives in the home but all three siblings now own it. Allen and Richard have an offer to sell the home and present it to Kathy. Kathy did not want to leave the home, so she did not accept the offer.

This issue can be resolved through court, but it would divide the family. If they chose to do this way they would have to file an inheritance partition. An inheritance partition  is when the court divides a concurrent estate into separate portions representing the proportionate interests of the heirs. When siblings exhaust all roads to an amicable agreement and are in a standoff, it creates a worst-case scenario.

So the court will force the sale of the property and then divide the assets between the siblings. This means it could sell for less money if it is auctioned off at the courthouse. The siblings will then have to cover the legal fees.

Another path they can take is to sell the home to one sibling. If Kathy would like to stay in the home, her brothers can sell their share to her. Remember family is more important than money or possessions.

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