Selling a house with one owner is tough enough, but when multiple owners are involved, it’s a far bigger challenge. This is the challenge that the Shaffer family faced when the sole caretaker of its multi-owner property decided it was time to move on from the home.
Below, discover how My Tennessee Home Solution helped the Shaffer family with the details of their multi-owner property sale. And if you’re facing a similar situation, call us! We buy houses in Clarksville, TN, in any condition.
Clarksville Homeowner Faces the Burden of Caring for a Multiple-Owner Property Alone
Five members of the Shaffer family co-owned a lovely property in Clarksville, TN, although only one lived in the home. When they passed away, their brother, James, became the only person to take care of the property. He was faced with the stress of making house payments, arranging for maintenance, and making frequent 100+ mile trips to check on the home.
James decided that he was ready to move on from property management, but wasn’t sure how to go about selling a home with multiple owners. He made the smart move of turning to My Tennessee Home Buyers for help.
Property Overview
- Address: 637 Linda Ln. Clarksville, TN 37042
- Owner: The Shaffer Family
- Reason for Selling: To alleviate the burden of caring for a multiple-owner property alone
Why Selling a House With Multiple Owners Is a Challenge
How does sole vs. shared ownership compare? Selling a house with multiple owners is a complex situation because there are several types of multi-party ownership. The first of these is tenancy in common (TIC). This co-ownership agreement allows you to establish as many owners as you’d like. Marriage isn’t required for TIC, and you’re not forced to split investment in the property equally.
TIC agreements usually do not come with the right of survivorship, which means the property doesn’t automatically pass to a person upon one owner’s death. When selling a TIC property, you’ll need to determine how much of the property each person owns, and which party is responsible for what costs, before putting the house up for sale. It’s not uncommon for co-owners to need dispute resolution during the sale process when it’s unclear what the ownership percentage is for each party.
Joint tenancy is another type of ownership. Unlike TIC, with joint tenancy, all owners have equal rights to the property. That’s true even if one party contributes more to the property than another.
The main benefit of joint tenancy is that it prevents the property from passing through probate when one owner dies. Instead, the property transfers to the next owner. To sell a house with joint tenancy, all owners must sign a transfer agreement first.
Challenges arise when one or more parties don’t want to sell the property. In this case, one party could attempt to force the sale by filing for a partition action. The court will step in and decide how to divide or sell the property.
How My Tennessee Home Solution Saved the Day
James was unsure how to go about selling a home with five owners, so he reached out to My Tennessee Home Solution. After meeting with our team, he chose to use our MTHS Concierge Listing Service, which turned out to be the right move for the Shaffer family.
My Tennessee Home Solution offered the Shaffer family a fair cash price for the property. Our team also handled power of attorney for all five sellers, making the process as stress-free as possible for the Shaffer family. We tackled every detail of the sale, including the listing, repairs, inspections, and closing costs.
Not only did we help the Shaffer family receive a fair cash offer for their property, we also offered world-class support, allowing them to grieve the loss of a family member without the headache of a traditional home-selling process.
Struggling To Offload a Multiple-Owner Property? Call My Tennessee Home Solution
Selling a multi-owner property in Clarksville, TN? Don’t want the hassle of making repairs, listing your home, or working with a real estate agent? Reach out to My Tennessee Home Solution! We accept properties in any condition, and that includes homes with multiple owners.
To learn more about our home buying process, call (615) 933-5431.
