Jeanette DiLuco CPRES - A GUIDE TO NAVIGATING YOUR INHERITED HOME SALE

the mediator. The mediator then prepares a list for each member of the family of the items allocated for each of them. Each member will then show their list of preferred items to the other members for negotiation and adjustment. If you come across any papers, be sure to thoroughly review each before proceeding to throw them out. Important key financial documents such as wills, trusts, addenda, real estate deeds, and titles should be kept. Beyond that, it is up to the heirs to decide which sentimental photos or other memorabilia they want to preserve.

SELL VALUABLE ITEMS OR PROPERTY AND DISTRIBUTE THE NET PROFIT EQUALLY

In a scenario where you and your siblings have inherited real estate from your deceased parents, it is important to seek mutual terms as to whether the property should be sold and the profit divided immediately, or if you wish to keep the property as rental or investment income, or simply share the use of the house. In some circumstances, one sibling may want to keep the home while others have no interest in it or want it sold for the financial gain. An equal division of value can still be obtained if there are other assets in the estate. Through this agreement, the one who wants the house gets to keep it while the others get cash or other assets, but ultimately everyone receives an equal value of assets. Another option would be that the sibling who wants the house would have to buy out the other siblings’ interests in it. In all of this, it is wise to seek professional advice from real estate investors, agents, and attorneys. They can give personal perspectives from experience on how to sell your house at the highest possible value in the market, and can help you make sales decisions.

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