I inherited one quarter of a house/property and would like to sell, other owners cannot afford to buy me out?

Question

My biological father passed away a couple years ago and I along with 3 other family members inherited the property he lived in. I would like to sell my portion but I don't think the other's can afford to buy my share. Do I sell to a private investor? What are my options? Do I need a lawyer as well? I would like to have this over with as soon as possible, as I could really use the money.

Answer 1

Unfortunately, it will not be a quick process.  You could sell to a private investor, assuming the title had been changed to show that you are all now tenants in common and not joint owners.  There is a big difference in all of that.  If you are joint owners, you can not sell without their permission.  You will have to get an attorney...just like a divorce.

Answer 2

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Answer 3

This will depend on the state you live in but you could talk to the other 3 who inherited and ask for a atrade of.  Example substitute your share of the house with your fathers car or a predetermined amount.

This is done normally with a notary so it can be legal.

Another thing is to just give your part away.

Answer 4

The simplest thing to do is to have all 4 agree to sell the property and divide the proceeds.  This may not be the best time to sell, of course, depending on the location and the nature of the property.  But it is usually the best solution in this type of case.

If you can't get them to agree to sell, and you can't get them to buy you out, you may have a wait on your hands.

Answer 5

The only thing you need to know is if the property is held as tenants in common.  If it is, you can sell your interest in the property.  Your interest would be a one fourth share of the entire property which you can sell to anyone.  First you will have to get a formal appraisal to detrmine the fair market value of  property, then figure out one fourth of the entire value.  Depending upon what kind of land and improvements you are holding your best option would probably be an investor.  However if you want to get along with the other owners I would give them the first right of refusal to buy out your interest.  Further, given the shaky state of the current realestate Mortgage industry, funds for real estate investments are tight and hard to come by.  Your best bet would be a land sales contract with a large enough down payment that it would be viable for you to carry some paper on the property untill the rest of it is payed off with monthly

payments, an acceleration clause, and the deed held in escrow or trust untill it is payed in full. This would all be adjusted depending upon in what State the property is located and their Real Estate laws.  As far as useing a lawyer a majority of States require a lawyer for all real estate transactions.  I live in the state of California which is an exception to the rule.  Here an experienced Real Estate Broker can do the job just as well and for less money.

What makes using a realtor more viable if it is allowed in your state is that a realtor will only charge you after a completed sale whereas a lawyer will charge you on a hourly basis whether you sell your share of the property  or not.

If the property is held as joint tenants with the others you can still sell it to a private investor who would then become a tenat in common with the others who would be joint tenants with survivorship rights.  However if there is a mortgage or lien on the property you would have to deal with the state laws regarding loans for realestate.  There are two types, Mortgage states and Lien states.  It will make a difference on what you can do, and is a bit too complicated for me to go into. For more information in your state the easiest way to find out the rules is to call your local bank and ask to be connected to their home loan department or call a title company.