Updated about 7 years ago on . Most recent reply
Cash out Inheritance property in other state
Hi everyone,
I own a small house with my brother in western NC. The small house and property are worth about 160K. The deed has been in our names over a year. If I were to do a cash out to pay brother his equal half, what time frame is there to get this to close? There is no mortgage on the property. I live in neighboring GA.
I know I would need to do a claim deed to remove my brother's name. There has been no appraisal yet done. I would need to rent the house out to pay the loan back. The house is in decent shape to rent out. My credit is in good shape.
Has anyone have had a similar situation in buying out relatives on inherited property?