Middle TN and Southeastern KY are experiencing an economic surge thanks to the opening of many factories in TN and the Oak Grove Racing and Gaming Resort and Entertainment complex. The enterprise is projected to bring more than 1,000 new jobs to the area. New jobs mean more people and those people will need housing.
The ‘supply/demand’ formula is sweet for real estate propositions. The demand fuels supply and it often provokes folks to sell a property that has been in a family for decades.
Real estate transactions are often tricky – even for the most seasoned professionals. There are a number of complex regulations to consider in order to complete a successful sale.
In addition to appraisals, marketing, price negotiations, contracts, inspections, financing, a lot can go wrong to compromise the deal for the seller and the buyer. One of the more common but least considered twist is HOW TO SELL A HOUSE WHEN ONE PARTNER REFUSES?
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CASH IS NOT AWAYS KING
There are a number of reasons people decide to sell their home. A hot property market certainly creates a stimulus. Just as there are reasons to sell, there are reasons one or more owners of a property may refuse to sell.
Real estate agents, lawyers, mortgage agents are familiar with, “I can’t sell Grandpa’s farm,” or “This is the house my children grew up in,” or“I’m not selling my home – PERIOD!”Personal emotions and disagreement can lead to time-consuming, disappointing results for everyone.
There are real estate agents who will list a property without the consent of every individual on the grant deed (or named as a shareholder of an estate). A house can in fact be listed for sale with only one signature on the listing agreement. But – in most states, a property transaction cannot close without the signed approval of everyone identified on the deed.
Ethical, professional real estate experts understand the pitfalls when dealing with a reluctant party. Thinking the stronghold will “come around” when an anxious buyer is flashing the cash is wishful thinking. If there is no cooperation from one or more shareholders from the beginning – there will no doubt be zero cooperation at the end. It is a messy proposition to expend the time and effort into marketing a property, receive a viable offer to buy, and then not be able to complete the sale.
Read More: How to Sell a House with Code Violations
SHOW ME THE MONEY
“The house is in both mine and my ex’s name, but I have a restraining order against them,” is an unfortunate yet common theme for realtors dealing with resistant owners. It may be reasonable to assume money will talk but in many cases, the idea that a sale can’t close without them makes a contentious ex-partner even more powerful. Resistance and pride can be worth more than the cash value generated by the sale.
In any real estate transaction, it is vital to determine whose name is on the property documents from the get-go. If only one person’s name appears that person can sell the house – without the other spouse’s approval. Most sellers have an idea of who is on the deed but there may be surprises buried in the documents making it impossible to complete the sale. So, how to sell a house when one partner refuses?
DEVIL IN THE DETAILS
There are several documents pertaining to the sale of a house. In addition to the real estate listing agreement (if applicable), there should be the following standard documentation
- The sales agreement entered into between the seller and buyer. The sales agreement established a definition of the property, the sale price, any additional exclusions or additions included in the agreement.
- Mortgage or Loan Note. The mortgage establishes the collateral value of the property.
- Grant deed identifies the actual ownership. This one is especially important if the sale of the property is contested. It is the right of the person(s) named on the grant deed to transfer ownership of the property (unless a sale is otherwise blocked by a court). If additional names appear on the deed the title cannot be legally transferred without their signature.
In the case of divorce and subsequent community property law, a judge may decide who can legally sell a house and how much the other partner will receive from the equity of the sale.
WIN/WIN
Real estate business complications extend beyond divorce. Co-owner ships can make transactions every bit as difficult as dissolving a marriage.
It seemed like a great idea to buy that vacation home with your best friend until the day they were no longer a friend. You need to get out of ownership and the other partner refuses to sell. There are a few recourses to settle for consideration.
- Buy out the other partner. Regardless of the relationship, you may attempt to mitigate the situation of co-ownership by buying out the other party. If the co-owner is not willing to sell their share, they may be agreeable to buy your share. In either case, once the share is transferred the legal owner(s)has control of the property.
- Sell your share to another buyer. Legal ownership provides the right to sell the portion of the property specified. The option sounds easy but may prove a tough sell. A buyer willing to purchase a share of a property may prove difficult to find. This option is not viable if the house is the marital home.
- A forced sale is frequently used to sell an inherited property if all heirs are not in agreement. Forced sales require a court order to partition the estate. Property is divided among the shareholders and each share may be sold by the legal owner. In the case of a house, which cannot be divided a judge can order the property sold and the profits (or losses) then allocated among the shareholders.
TRUST THE BEST
Experienced real estate agents recognize the many pitfalls of representing a property when all principals are not in agreement. The proposition represents time, effort, money, and emotional stress for all concerned. Getting a buyer to the table and have the seller refuse compromises the integrity of all involved and it rarely turns out to be a pleasant experience for anyone.
Aniya Equity is in the business of taking the problems of selling a home off the owner’s back. We specialize in working with property owners who need to sell under any circumstance – no questions asked. Our objective is to eliminate the burden and make the selling experience as fast and uncomplicated as possible. Take the stress out of selling. Call today for a free consultation with one of our real estate professionals. Even in our area’s hot market – the considerations of selling your home should be entrusted with the best!
Sources:
http://www.churchilldownsincorporated.com/
https://www.kentuckynewera.com/news/article_cd3fd9eb-79ba-599c-9ccc-7d49b6dfa293.html
Sell Your House Fast | We Buy Houses
For a free, no-obligation consultation call: 615-669-1610, or Fill Out This Form For Your FAIR Offer
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