So your family member just passed and you just inherited a house in California? Despite what at times can be an overwhelming life experience, selling an inherited house in Los Angeles with multiple heirs involved doesn’t have to be as complicated as it seems. For most heirs, selling a close family member’s house after death is challenging and emotional due to losing that close relationship in addition to the memories and attachment to the property itself.
While there will be challenges selling the house fast to cash out, working with real estate professionals can help make the process easier for everyone involved. It is helpful to understand how the process works from the start, which means you will be going through an education process. We will cover some tips on how to sell an inherited house in Los Angeles when there are many heirs involved.
Working Together
When many heirs sell an inherited house in Los Angeles, working together as a group makes for a smoother overall experience. Often, the heirs are siblings, and the stress and personal dynamics come into play. The consequences of these interactions can be conflict over the property’s distribution. The process should begin with a group meeting, listening to each heir’s wishes and expectations, working together towards the most equitable solution. Resolving differences that may arise is less stressful with a clear understanding of what is or isn’t acceptable to each heir from the start.
The group meeting upfront is not only a good place to understand heir expectations and goals, but it also a good place to provide an overview of the inheritance process. Was there a will or a living trust? What experts are involved (ie. probate or estate attorney, real estate agent, cash buyer)? How much time might it take? What are the costs upfront and how might you all share in those expenses? When might everybody get their cash proceeds?
At the first group meeting, you may not know all the steps or have all the answers upfront, but don’t hold off on that meeting for too long. As your share and collect input from the other heirs, it will shape the plan while also keeping everyone involved and collaborating.
Determining the Executor (or Administrator)
Unless the heirs have an extremely harmonious relationship, it would be advisable to hire a professional so that the property’s division is as unbiased and fair as possible with the least amount of turmoil. The executor’s responsibility is to follow the will’s terms when they sell an inherited house when many heirs are involved. Their main objective when resolving conflicts should be to avoid decisions that would ultimately devalue the property, to suit one heir’s wishes.
A property can lose value during probate if it’s not properly managed or maintained, or if the estate is left unattended for too long. This can be due to unattended assets (ie. unpaid mortgage), uncared-for assets (ie. personal assets), or mismanaged assets.
What If the Executor Does Not Do Their Job?
There can be many issues, especially if it should come to light that the executor is mishandling the estate’s affairs as time passes. The heirs must settle these matters in probate court. A direct sale to a company like Fair Sale Homes can close in cash in days or a few weeks, which is one way to avoid any such issues, reaching the solution you and the other heirs seek to sell an inherited house when there are many heirs involved.
By Selling an inherited property to cash out, each beneficiary walks away with their fair share. Each beneficiary is able to do as they wish with their cash proceeds. This way, family members or siblings don’t have to manage the asset together. Unless you already managing money or running a business jointly with family, selling the inherited property fast may be your best action to both enjoy the cashout and the intact relationship with your family.
Sell Directly to Fair Sale Homes
When it is time to sell an inherited house in Los Angeles, and many heirs are involved, let the experts at Fair Sale Homes help make it easy. If you would rather pay for the convenience of moving on with your own life, we will work with you to reach a fair agreement. If the property is in disrepair and you either have no interest or lack the finances to make the repairs, we take on all of the risks of making repairs, relieving you of any legal repercussions following a traditional sale due to disclosure laws.
Why not let the experts at Fair Sale Homes help you through this challenging time? At Fair Sale Homes, we are happy to answer any questions or concerns you may have about a property you have inherited with other heirs, under no obligation! Send us a message or call us at (626) 863-7006 today to learn more!