Posted by Pat (IN) on March 12, 1999 at 07:24:44:
Hi Millie,
I’m in Crawfordsville in West Central Indiana.
Pat
Need ideas on selling inherited property - Posted by Pat (IN)
Posted by Pat (IN) on March 11, 1999 at 15:06:27:
My 2 siblings & I have inherited our deceased father’s residential property. Initially, it was deplorable, but we’ve rehabbed it. It’s just been appraised for $64.5K.
We ran an ad FSBO in local paper, but got nowhere. Siblings
want their share of cash out of the deal, but after putting $7K of our own money into the rehab, we don’t have enough cash left to buy them out.
We really want to unload this one - anybody got any ideas??
Re: Need ideas on selling inherited property - Posted by mike
Posted by mike on March 12, 1999 at 21:02:01:
get a mortgage to pay off their two shares. keep it. let the tenant pay off the mortgage.
Re: Need ideas on selling inherited property - Posted by Millie I.
Posted by Millie I. on March 11, 1999 at 23:44:39:
Pat,
Where are you in Indiana? I am in NW Indiana, near Chicago.
Millie I.
Re: Need ideas on selling inherited property - Posted by Bud Branstetter
Posted by Bud Branstetter on March 11, 1999 at 18:25:43:
Since they want bought out it will require cash. You either put a mortgage on the property or you sell a note for their share. Since you may not want the mortgage in your name it falls on the buyer to get a new mortgage or satisfy you that the note can be sold to provide the cash. My personal viewpoint is that the siblings should take some discount because they want the cash. If you are willing to retain your share as a note there should not be a problem in selling a note to fund what the others will agree on.
I expect that your FSBO means you didn’t get anyone to offer all cash or get a new mortgage.