Selling jointly inherited property

Selling jointly inherited property in Oklahoma

 

Selling jointly inherited propertyIf you and another person or relative have jointly inherited property, you can easily sell it in Oklahoma. Everyone on the deed just has to agree to sell and sign off on it. We have purchased many houses from folks who jointly inherited property. Sometimes this was just 2 people and sometimes as many as 5 or 6 all with an equal share of the property.

Before you think about selling jointly inherited property….you need to know if you actually have the rights to sell it yet or not. Did someone deed over the property to you when they were alive? If so, then you should be good to sell it…..If someone intended to leave a property for you and other heirs but it is still in the name of the deceased, you need to hire an attorney and go through probate to get the property in your name. We can walk you through this and cover attorney costs if we buy the property from you.

Call us to discuss your situation if you aren’t sure of what to do. You can call or text at 405-673-4901. 

If you have already done probate and the property is in your name then let’s talk about how to go about selling jointly inherited property….

 

Step 1 – What type of condition is the property in?

If the house is in great shape, you have more options on how to sell it. What does “great shape” mean? This means the house is an 8/10 for the area. It means the foundation is stable, the roof/electrical are newer and up to code, the plumbing/sewer works, and the HVAC and water heater are newer. It also means the house is updated to modern standards. Yellow kitchen countertops and wallpaper on walls is not updated to modern standards.

If your house is outdated or needs work, then you can still sell the property easily but it will limit your options somewhat. For example, if the house needs a new roof badly or has foundation issues, most normal home buyers won’t be able to get a loan to even buy the property from you unless these issues are fixed….by you….out of your pocket.

That is step 1. Be honest about the condition of the property. Don’t BS yourself on this because you can’t fool the people that will buy your home. 

Step 2 – Choose how you want to sell the property.

If the house is in great shape as described above….you have two options:

  1. Spend some time/money to make more money – Going this route you will hire an agent to list the property for you on the retail market. You will pay closing costs ($1500 – $5000) and agent commissions (6% of sales price) as well as any costs for repairs the buyer requests of you and insurance/taxes/utilities until you sell the home. You will probably end up making the most money this way, but it takes longer and will likely cost you some money out of pocket. If you have a house in great, updated shape, call us today at 405-673-4901 to see how we can help you sell it.
  2. Sell it as-is and quickly – If you would prefer not to deal with the normal BS that comes with selling a home such as showings, paying closing costs, cleaning the house up so it is spotless, making repairs, paying commissions….then we should talk. Our company buys houses in any shape or condition. We close quickly and pay all your closing costs. Also, you don’t have to clean or repair anything. You can even leave behind stuff you don’t want in the house. If you want to discuss selling your house directly to us for cash, call today at 405-673-4901. 

If your house is not in great shape and needs a lot of work, here are your options:

  1. Flip the house yourself – you spend the money and time to remodel the house then put it on the market to sell. This will take a lot of cash most likely and time but you can make some good money this way.
  2. Sell the house to us as-is – We aren’t picky home buyers. We buy houses that need lots of updating or repair work all the time. We don’t make you fix or clean anything before selling it to us and we’ll pay all your closing costs. You just show up to closing and get a check!

 

That’s it! As you can see, selling jointly inherited property isn’t too difficult. You just have to make sure you have clear and legal right to actually sell the property (your name is on the deed) and then be honest with yourself about what condition the property is in and how much you hope to make from it.

We are a local home buying company that helps folks out with selling jointly inherited property (houses, land, commercial buildings) all the time. If you have questions about your situation, don’t hesitate to call us. Information is always free. You can call/text us at 405-673-4901 OR fill out the form below and we’ll contact you within 24 hours!

 

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