Most people don’t get along with their siblings all the time, but it can be especially true in high-stress situations.
When you’re thinking “I need to sell my parents’ house” and are dealing with a difficult sibling, the selling process may become super tricky.
Luckily, there are some techniques and tactics you can use to make the situation easier for you and your sibling.
Check out more information about selling an inherited home below and see how you can get that house out of your hands sooner rather than later.
Dealing with a Difficult Sibling
The sale may become a huge headache for you or it could bring up unresolved problems that could tear your family apart. How can you make it easier on yourself?
When your parents leave you a house after they pass away, you may be tasked with selling the property. Your siblings may not always be as cooperative as you would hope.
Sometimes, these situations create family feuds and unwanted sibling complications. Selling a home is hard enough without having to do it with someone that is not helpful.
One sibling may not want to sell the home. If this happens, that sibling can buy the others out based on the home’s market value.
If a buyout isn’t possible, even just a single sibling can force a sale. This is called a partition by sale and the proceeds are split among all of the homeowners.
When selling, siblings also need to think about who will be the point person for communication. If a real estate agent is trying to communicate with all of the siblings and things get confusing, everyone will suffer.
My Parents’ House: Getting Ready to Sell
There are four big things you need to know when you inherit a house.
1. How Does Your Existing Debt Play Into This?
You don’t want to make any choices too quickly when you inherit a home. When your parents pass away, you may be dealing with a lot of emotions that could thwart your judgment.
Your options are typically to sell the home, move into the home, or rent the home to other people.
Even if you are renting right now, moving into the home could be complicated when you have other siblings to consider. You probably won’t all want to live there together, so who gets to decide who lives there?
Becoming a landlord can be difficult and time-consuming, so the easiest option that most people choose is to sell. Even selling the home, however, is not always that easy.
If you need money right away for debt or bills, selling the home is going to be the easiest way to go.
2. What Other Types of Taxes May Come Up?
A lot of people don’t have to deal with federal estate taxes when they inherit a home unless the estate has more than $5.43 million in assets.
State taxes, however, are a different story.
The location of the home is going to make a huge impact on how much you inherit.
Some states have taxes that are levied on estates worth certain amounts while other states are subject to inheritance taxes or other taxes based on location.
3. What About the Other Stuff in the Home?
When you inherit something, you probably are going to be dealing with a lot of emotions. Even with siblings involved, it can be difficult to sort through all of the physical items in the home that were owned and loved by your parents.
If your siblings decide you want to take the same items from the home as an inheritance, like your mom’s favorite throw pillow or your dad’s class ring, it can be very confusing.
Just the thought of moving these items can be difficult due to sentimental reasons, especially if you are staging the home to sell.
If you are feeling stressed out with the thought of moving things out of the home, you need to consult with a professional sooner rather than later.
Long-term inaction is a terrible idea because it will make you have to pay more in maintenance and insurance over time.
Time to Sell an Inherited Home
Selling a home is hard for a lot of people, especially when you try to do it during a recession or financial crisis.
When you think “I need to sell my parents’ house now” and you don’t get any offers on it, you may feel a lot of stress and defeat. Having a sibling that makes it harder for you will make it feel impossible.
Work with your sibling and understand that they are dealing with the death of their parents as well.
This is an extremely emotional time for everyone, so being empathetic and seeing their perspective may help.
If you’re ready to sell and need some extra help in this trying time, contact us to see how we can assist you in this process.
