I’m very excited to be starting my career in Real Estate Investing! My parents passed away 2 months apart in 2017 and they thought they were doing a great thing by leaving the house to the 7 kids. Well, it’s caused a lot of confusion to say the least.
So, my oldest sister, Sister 1, passed away in 2018 and there are now 6 siblings remaining. From what Sister 2 has said is that everyone owns the house equally. So I am assuming whatever the house is worth divided by 6? Some wanted to sell it and split the proceeds. The majority wanted to keep it in the family and let my brother and his family move in.
Ok. Fine and dandy. He should move in sometime this year. But Me (sister 7) and Sister 6 are working together to find a home to flip...we need funds and would like to take a HELOC out on our portion of the property. I'm all sorts of confused as to how it will work. Trying to get my hands on the deed and speak with a reputable Real Estate Attorney?
Any advice on the situation and any are Attorneys that you could refer?
Sorry for your loss. :(
Has the property gone through probate or actually been transferred from your parents' names to you and your siblings?
You most likely own an equal but undivided Interest in the property. But you will need your name on title (deed from your parent's estate to you and your siblings recorded publicly with recorder's office) before you can get a loan. Your other siblings may have to sign on the loan as well-depends on the entity you get the loan from.
Just a heads up -if a family member is moving in, discuss terms and get s signed written lease before they move in. Let them know they can be evicted if they don't pay agreed upon rent and or taxes, or if they don't take care of the property. Discuss with siblings payment of any mortgage, taxes, insurance, utilities, maintenance etc.
Its usually easier on family relationships to just sell and divide proceeds.
@Lori Buffington I’m just now seeing this reply. Thank you so much for responding! We are so ready to get a deal under our belts! I will take heed to the information you provided.