CHAPTER 14 The Inherited Home
Dealing with an inherited home is a complex subject, and there can be several complicated issues to resolve. Sometimes, a house isn’t inherited by just one child in the family; there could be other children of the same parents, each inheriting their own stake in the house. Trying to sell such a house could be difficult when it isn’t owned solely by one person. It’s not uncommon for a person selling an inherited home to have a sentimental attachment to the property, with the sale being the result of a recent death in the immediate family. This adds an emotionally overwhelming component to the transaction. 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. 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 isn’t the same as other real estate transactions. Where there’s 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’s agreement regarding the actual sale. It’s not a bad idea to swiftly sell inherited properties. Taking a quick decision on an estate property early is always better than later because of the carrying charges you have. Maintenance costs and taxes on the property continue to add up and when there’s an unoccupied or empty property, there’s the additional expense of special vacant home insurance that must be paid for by the
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