Buying a house with another person means that all co-owners can share the load of maintaining the property and its associated expenses. While this may seem appealing to many people, the idea of selling a house with multiple owners can be stressful.
We buy houses in Hinesville, GA, at Home Buyers of Savannah, including those with multiple owners. Consult our guide below to learn more about this unique situation.
Who May Need To Sell a House With Joint Ownership?
The need to sell a house with multiple owners isn’t as rare a situation as you may think. The reasons people may be in such a situation include:
- Tenancy in common: Tenancy in common agreements allow multiple homeowners to share ownership of a single property, without requiring them to split the investment equally. TIC also doesn’t provide rights of survivorship, so the house won’t pass to other owners as an inheritance.
- Joint tenancy: With joint tenancy, the property division is more fair. If something happens to the original owner, the next one can initiate a title transfer for full ownership.
- Tenancy by the entirety: Married couples who own a home have tenancy by the entirety. In this situation, both spouses get equal treatment, so neither can sell the house without the other’s permission.
Selling a Home With Co-Owners: Is It Possible?
Can you sell a house with multiple owners? The answer is yes; however, all owners must agree to the sale and provide their signatures on documentation to complete the real estate transaction.
If one or more of the co-owners are in disagreement, you can settle with a partition action. In this case, the court will decide the property division.
How To Sell a House With Multiple Owners
Here are the key steps in selling a house with several owners:
Plan the Sale
The key to minimizing disputes and complications when selling a property with several owners is careful planning. Waiting until the last minute to settle disputes can lead to disastrous results.
It’s best to get as much information as possible before presenting the idea of a sale to the home’s co-owners. Determine how to split the proceeds of the sale. Then choose your selling method and how to divide home sale costs, such as home upgrades, real estate attorney fees, and staging expenses.
Hire a Professional
An experienced real estate agent can help ensure a successful sale. Hiring a neutral agent is best to avoid potential conflicts of interest.
Schedule a Home Appraisal
You’ll need a home appraisal for the sale to ensure transparency with the other owners and resolve issues during a buy-out.
Sell Your House Fast With Home Buyers of Savannah
Thinking of selling a house with multiple owners? If so, consider selling it for a fair cash offer to Home Buyers of Savannah. We have experience helping homeowners sell their properties under unusual circumstances, such as a lis pendens, impending foreclosure, and co-ownership.
Our company simplifies the home-selling process in Hinesville, Georgia, by making fair cash offers for houses in any condition. Request your free quote today by calling (912) 513-8744.
