Inherited a House?
Inheriting a home with your siblings may seem like a great way to make some cash, but there are generally a high number of unanticipated difficulties and headaches to consider. All of you need to agree on what to do with the property, for example, or big issues and a lot of fighting can arise.
What About Taxes on the Home Inheritance?
There may be back taxes on the house, and these will need to be paid to ensure the county does not try to take the home or sell it for the taxes that are owed. Going forward, taxes will have to be paid every year. If all of the siblings own an equal share of the house, they should be paying equal shares of the taxes. Siblings who don’t want to do this (or can’t afford it), may want to sell their share to the other siblings so they aren’t obligated for anything related to the house any longer.
If there are title problems or liens, those also have to be cleared up before the ownership of the house is actually transferred. Consider all your options, so you and your siblings can make the right choice for everyone involved.
Option #1 – Renting the House Out
One of the choices you and your siblings can consider is renting the house out. If the rental market in your area is strong, this can be an excellent way to get some cash coming in. Of course, one of you will need to manage the property and do maintenance on it, or you’ll need to hire a property management company to handle those things for you.
Screening tenants, handling evictions, and keeping the property ensured the right way are all very important, and they can be time-consuming and stressful. Unless all of the siblings are on board with renting the house out, it may be better to move on to a different choice everyone can be happy with.
Option #2 – Buying Out the Other Siblings
If you want to keep the house to rent, live in, or otherwise use in some way, you may be able to buy out your siblings. To do that, you would need to know the amount the house was worth, if there were any liens or back taxes on it, and the number of siblings to divide the sales price between. Then, you would offer your siblings this option.
Provided they all agreed to having their portion bought out, you could pay them their shares and have the title transferred into your name only. Then you would own the house by yourself, and could do whatever you wanted to with it. However, not all your siblings might agree to the buyout, and that would mean the potential for a fight over ownership.
Option #3 – Go Through the Probate Process
The probate process is often the best choice for a house that you’re inheriting with your siblings. It requires that the will be read, and that a judge determine who gets what. If the will was not created correctly, or if the person who owned the house died without a will, you may find that you’re not inheriting the home with your siblings the way you expected to. It’s better to have that knowledge before too many other decisions about the house are made.
Option #4 – Sell My House Fast Utah
Often, siblings who inherit a house together just sell it. Then they split the money. There are many ways to sell, including selling to www.SaltLakeHomesForCash.com. When selling to a company that buys houses, you and your siblings will be given a cash offer. The price is fair, and the home can be sold and close much faster than would be seen with a traditional sale. That relieves all of you of the responsibility of managing the house and caring for it, allowing you to move on with your lives.
Jamie Pelham