If you or your siblings owned an inherited property in Milwaukee, could you sell it? That’s an important question to know the answer to because can be a complicated situation. When a single person inherits a house or property, the decision-making process is simple. But if two or more siblings inherit a house or property together, that opens up all kinds of potential pitfalls and problems. Ideally, all of the siblings would band together and agree on the same decision, but we all know that isn’t how it usually works. And sometimes, siblings can find themselves pitted against one another, especially around a decision as big as whether or not to sell an inherited property.
There are a lot of potential scenarios that can cause problems. What if one sibling wants to live in the house but another wants to sell? What if both siblings want to live in the house? What if all the siblings want to sell but in different ways and at different speeds? There are plenty more ways it can play out, all of which require a lot of deft consideration when balancing emotions and finances.
If you and your siblings have inherited a property but find yourselves unable to decide what you want to do with it, you have some options to consider. And if you find yourselves at an impasse, there are options that can help move or force a sale to happen. Let’s take a closer look at whether or not siblings can force the sale of an inherited property in Milwaukee, Wisconsin.
Inherited Property In Milwaukee, What To Do When You Have Siblings
No Matter What, You’ll Have to Go Through Probate
If you and your siblings decide to sell an inherited house or property, you will be legally required to go through probate. Depending on the value of the property, you may be able to apply for summary probate or you might have to go through the full process.
Summary administration is a probate shortcut that many Wisconsin estates have been able to take advantage of. When the death of the decedent happened over two years ago, or if all the property equals less than $75,000, you can qualify.
If the estate can’t meet any of those criteria, you’ll have to go to formal probate. You’ll need the permission of the court and the permission of all siblings who also own the property with you in order to sell it. If everyone agrees, it’s simple. But if one or more of the siblings disagree, you’re going to have to get a bit tougher. You will probably have to hire lawyers in order to find a reasonable solution for everyone and reach an agreement. That of course means you’ll have to pay legal fees so be aware of that going in.
Buy-Out the House If You Can
If you’ve inherited a house or property with one sibling, you both likely own 50 percent of it unless the decedent made a unique arrangement. If one of you wants to sell but the other doesn’t, the most logical and simplest solution is for one of you to buy the other one out.
In order to do this, you’d have to finance the sibling’s ownership value (50%) and then transfer full ownership. You can give the other sibling cash for their percentage and they can transfer the deed into your name. At that point, you can do whatever you want with the property. Also, any profits from the sale would go directly to you since you are the sole legal owner. Of course, that also means there are some costs involved. You’d have to handle closing costs and an appraisal in order to figure out the house’s value.
You Can Make a Private Arrangement
Let’s say you decide that your sibling is going to sell you their stake in the inherited property but you don’t qualify for a mortgage. Now what? Well, you can finance the transaction between yourselves.
The sibling or siblings who don’t want to sell would need to create a promissory note to you for their share of the property’s appraised value. Then they would pay you in installments with interest in order to buy out your share over the course of months or years. It not only absolves the sibling of any requirements related to the property but also provides extra income over that time to the sibling receiving it. You can also amend the arrangement to record a deed of trust, which would give you the power to foreclose on the house if the payer defaults on any payments.
Try to Talk Amongst Yourselves
Inherited homes can be an emotionally daunting thing to sell. If it’s a house you and your siblings grew up in or one you spent your formative years visiting, there are a lot of memories tied up in it. Even if it’s not a good time to keep the house financially, some siblings will want to hold onto it out of sentimental reasons. But this can lead to a lot of frustrations between family members and highlight frictions that make it really hard to move forward.
The last thing you want is for the sale of an inherited house to be the reason there is a problem between siblings. It’s also probably not what the decedent intended either. Arguments about finances and money can quickly spiral out of control and you want to avoid that.
If you and your siblings aren’t in agreement, talk it out. Find out what the emotions are that are blocking one or some of them from wanting to sell. See if you can speak to them in a way that isn’t about self-interest. Push past emotion and steer everyone towards the reality of the situation, especially if no one is in a financial position to maintain ownership of the house.
Sell As-Is to a Cash Buyer
When you and your siblings inherit a home in Milwaukee, WI, it can lead to stressful and emotional situations, especially if you’re not on the same page about what happens next.
One way to prevent all of the headaches would be to sell the house as-is to a cash buyer like Cream City Home Buyers. We buy inherited homes and properties in the Milwaukee, Wisconsin area and we understand how it works. If the house is going through probate, we can help handle that process and even pay for it. We have dedicated probate attorneys on call that have worked with us for years and know how to get our probate cases handled fast and cheaply.
That also means we can close the process quickly and move on to buy your inherited house from you for cash just as fast. Don’t worry if the house is in need of repairs. You don’t have to fix anything because we’ll buy houses as-is. If you or your sibling don’t want to keep making payments, we can close the sale within days and we’ll put cash in your hands as soon as the deal closes. And if you or your sibling live elsewhere, we can work with you easily without the hassle of hopping flights and traveling cross country. We can make the process simple, we can work on your schedule, and we can pay you cash for your inherited property no matter it’s condition. Contact us today to get a no-obligation offer!