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Question
My grandmother has rental property in Texas that she owns. She is 90years old and has put this property in her childrens names 8 of them. Unfortunately the responsiblity of repairs and collection of the rent falls on my mother. She want to sell this property to the renter, but does not know how to go about starting the process. Do you know how much would it cost her to do this? First get the property in her name and then sell to the renter? What would be the best economical way to take care of this? Will she need an attorney? Or an Agent?
Hi DIANA--
I suspect she'll need BOTH an Agent AND an Attorney to handle this complicated situation!When Grandma put the property in the names of ALL eight(8) of her kids she made it impossible for any ONE (1) of them to legally do anything about, with or to the property without the the written consent & approval of the other seven (7).
Mom should talk to a Lawyer about her desire to sell the property and find out how to get that done considring the existing legal documents transfering ownership from Grandma to the 8 "Kids." If the legal documents transfered the ownership AND the authority of "Trustee" to your Mother, she MAY be able to sell WITHOUT the consent of her Siblings.If no one has been appointed Trustee." getting all of the Brothers/Sisters to agree on anything MAY cause a major "fracture" in the Family's "Foundation." It may take a Court case and a Judge's decision to determne the outcome.
The Lawer can provide the legal opinions, advice and guidance your Mom needs--and the Agent can represent ALL of the Siblings as "Sellers". If they go FSBO,the property MAY NEVER get it sold, as the 8 siblings will never be able to agree on price, terms, conditions of a sale! Trust me!With the Agent handlng negotiations between your Aunts/Uncles may keep them fom becoming "enemies for life," while his/he negotiating with potential Buyers can make for a fairly smooth sale.
So...NO FSBO! Get an Attorney AND an Agent to work this complex and volitile transaction for Mom & her 7 "Sibs!" GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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