CHAPTER 4 Downsides to Inheriting o Inheriting
Bequeathing a house to one’s children, while surely an understandable decision, can cause complications for the heirs that they will have to resolve to successfully and profitably sell such an inherited property. Sometimes a house is not inherited by just one child in the family; there may be other children of the same parents, each inheriting their own stake in the house. Trying to sell such a house may be difficult when it is not owned solely by one person. This is a time for patience and negotiation. The decision to sell inherited property may lead to either agreement or disagreement among joint owners of the property. There are always potential issues when there is more than one heir of an inherited property. One sibling may want the property sold and another may want it kept within the family. This type of disagreement can lead to disputes among the heirs of the property, and ultimately to family discord and disharmony. Selling an inherited home is not the same as other real estate transactions. Where there is more than one owner of an inherited home, there can be conflict over the appropriate pricing and marketing strategy for the home, even if there is agreement regarding the actual sale. Oftentimes, the sellers not only have to deal with the sale of the house, but are mourning the deceased and at the same time trying to figure out how best to handle the estate. They are going through a difficult period and must try to make practical, objective decisions anyway, which rarely comes easy and often takes a fair amount of time. Still, as attorney John Kopp—who recently sold his deceased 25
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