Multiple Heirs. One House. Different Opinions. Now What?

Inheriting a home can be complicated enough. Inheriting a home with brothers, sisters, or other family members can make the situation even more challenging.

One heir wants to sell. Another wants to keep the house. Someone else thinks it should become a rental. And another family member may believe the property is worth far more than the current market will support.

Meanwhile, the house still has expenses.

Property taxes, insurance, utilities, HOA fees, maintenance and repairs don't disappear while everyone decides what to do.

Start With the Facts, Not the Family Debate

When several people inherit a property, one of the best places to start is by separating the emotional decisions from the financial decisions.

Before deciding whether to sell, keep or rent the property, the heirs should understand:

• What is the home realistically worth today?

• Is there a mortgage or other debt against the property?

• What repairs or improvements does it need?

• What does it cost each month to maintain?

• Who currently has legal authority to make decisions concerning the property?

• Does one heir want to buy out the others?

• Would selling the property make the most financial sense?

A realistic assessment of the property can turn an emotional conversation into a much more productive one.

What If One Heir Wants to Keep the House?

That doesn't necessarily mean the property can't be sold or that everyone else must remain an owner.

Depending on how ownership and the estate are structured, one possible solution may be for the heir who wants the property to buy out the interests of the other heirs.

That requires determining the property's value and figuring out whether financing or other funds are available to complete the buyout.

This is also an area where the heirs should consult the appropriate estate or probate attorney and tax professional before making a final decision.

What If Everyone Agrees to Sell?

Then the process becomes much easier—but there are still decisions to make.

Does the house need repairs before listing? Should money be spent updating it, or should it be sold in its current condition? How should personal belongings be handled? Who will coordinate contractors, cleaning and preparing the property?

Sometimes the best financial decision is not to remodel an inherited home.

I can look at the property from a real estate standpoint and help determine which improvements could actually affect the sale and which ones probably aren't worth the money.

What If the Heirs Can't Agree?

This is where professional guidance becomes especially important.

A Realtor can provide information about the property's value, condition and current market, but disagreements involving ownership rights, probate, trusts or forcing the sale of jointly owned property can become legal matters.

I don't give legal or tax advice. When those questions arise, I'll encourage the family to involve the appropriate Arizona attorney or tax professional.

My role is to provide the real estate facts everyone can use to make an informed decision.

Don't Let the House Sit Because Nobody Knows What to Do

I've seen situations where families postpone the decision because nobody wants to create conflict.

Unfortunately, doing nothing is still a decision.

The property continues costing money. Deferred maintenance can get worse. An empty house can create additional concerns. And disagreements don't usually become easier simply because another six months have passed.

You don't have to decide everything before talking with me.

If you've inherited a home in the Tucson area and several heirs have different ideas about what should happen next, we can start with something simple:

What is the house worth, what condition is it in, and what are the realistic options?

From there, your family can decide what makes the most sense.

Wes Stolsek

OMNI Homes International

520-404-9773

www.wesleystolsek.com