Selling a house can be a complicated process, especially when there are multiple owners involved. It’s even more complicated if those owners are in different states, counties, or aren’t really communicating often. Whether you’re selling a property with a spouse, family member, ex husband or wife, or business partner, it’s important to understand the challenges that can arise and how to navigate them successfully.
In this blog post, we’ll discuss everything you need to know about selling a house with multiple owners in Lawton. We’ll explore the common issues that can arise, the potential solutions, and how professional buyers can ease the process by offering a direct sale.
Common Issues When Selling a House with Multiple Owners
When a property has multiple owners, the process of selling can get complicated quickly. Here are some of the most common issues that you may encounter:
1. Disagreements on Selling Price
When it comes to selling a property with multiple owners, agreeing on the selling price can be a major hurdle. Each owner may have their own perspective on the property’s value and what they should receive from the sale. This divergence of opinions can often result in conflicts and cause unnecessary delays in the selling process. Sometimes it’s not just price but timeline. One owner may want to sell the property quickly while the other may want to fix it up to maximize, or so they think, the value.
2. Unequal Ownership Shares
Yet, another challenge that can arise is when the ownership shares are unequal. This may happen due to how the will was written or for example if one side of the families shares were split differently. For example, one owner may own 60% of the property, while the other owns 40%. This can make it difficult to make decisions and can lead to one owner feeling like their needs are not being met or stir up old feelings of how the family used to be.
3. Lack of Communication
When multiple owners are involved, communication is so important. It can be very challenging to keep everyone in the same room much less the same page. Ensuring that all owners are informed and up to date of the crucial decisions, timelines, required tasks and updates can be difficult. Emails and phone calls can be missed, deleted, or just plain ignored. This takes a toll on everyone and builds more tension.
4. Legal Issues
There may be legal issues that arise when selling a property with multiple owners. For example, if one owner has a lien on the property or there are outstanding debts, this can complicate the selling process. If there isn’t enough money to settle these debts before hand additional fees, penalties, and interest continue to cut into potential profits.
Solutions for Selling a House with Multiple Owners
Fortunately, there are several solutions that can help make the process of selling a house with multiple owners more manageable. Let’s go over some potential solutions:
1. Agree on a Selling Strategy
The first step and most important step to successfully sell a property with multiple owners is to agree on a selling strategy. This includes the listing price, marketing plan, and timeline for the sale. It’s important to have everyone on the same page to avoid disagreements and delays in the selling process. If you are unable to get in the same room conference calls are necessary or consider something like Zoom so that you can see each other.
2. Hire a Mediator
If there are disagreements or old disputes among the owners, it may be helpful to hire a mediator. If people have unresolved issues on past, unrelated things they may choose to make this process more difficult. Finding a neutral third party who can help facilitate discussions and find common ground among the owners may be advisable but does some with additional cost.
3. Consider a Direct Sale
One of the simplest, quickest, and most effective solutions for selling a house with multiple owners is to consider a direct sale. This involves selling the property to a professional buyer, who can offer a fair price and handle all of the details of the sale. This will help to simplify the selling process and avoid many of the common challenges that arise when selling with multiple owners.
How Professional Buyers Can Ease the Process
Professional buyers, such as DHS Realty Group, can offer a direct sale that eases the process of selling a house with multiple owners. Here are some of the benefits of working with a professional buyer:
1. Simplified Selling Process
When you work with a professional buyer, the selling process is simplified and quick. We can work with all parties so you don’t have to worry about listing the property, dealing with showings, or negotiating with potential buyers. This can save you time and hassle, especially when there are multiple owners involved.
2. Fair Price
Professional buyers offer a fair price for the property, based on the current market value and condition of the property. We can take pictures and show repair costs to other involved parties. When other owners are out of state or can’t visit the property they may think the property is in better shape then it is. This can help to avoid disagreements among the owners about the listing price and ensure that everyone receives a fair share of the proceeds from the sale. We also know the area. Even though a price may be listed on those other realtor sites in some areas being a block east or west or on a major street or next to unsightly properties or business can lower the value of the property.
3. Quick Sale
Professional buyers can close on the property quickly, often in as little as a few days. This can be especially helpful when there are legal issues or other complications that need to be resolved quickly. Allowing you funds to work out other debts or other emergencies.
4. No Commissions or Fees
When you work with a professional buyer, there are no commissions or fees to worry about. This can help to ensure that everyone receives a fair share of the proceeds from the sale. Other fees like cleaning, dump, or city fines can also be take care of simplifying the process for everyone.
5. Local Expertise
Professional buyers, such as DHS Realty Group, have local expertise and knowledge of the Lawton real estate market. This can help to ensure that you receive a fair price for the property and that the selling process goes smoothly for everyone involved. We work with local title companies and other professionals limiting the chances for delays.
Selling a house with multiple owners can be a complicated process, but there are solutions available to make it easier. By agreeing on a selling strategy, hiring a mediator if necessary, and considering a direct sale to a professional buyer, you can simplify the process and ensure that everyone is satisfied with the outcome. If you’re looking to sell a property with multiple owners in Lawton, consider working with DHS Realty Group to ease the process and ensure a fair price for the property. Reach out to us today to learn more about what we can do for you! 940-249-5752