Are you feeling overwhelmed selling a house with multiple owners in Memphis, Tennessee?
Alan at Pyramid Properties buys houses in Memphis and makes the process fast and stress-free.
From Frayser to Coro Lake, he makes a fair cash offer no matter the complications or complexities. Keep reading to discover the best strategies for navigating the sale of a jointly owned home.
The Challenges of Selling Jointly Owned House
Why is selling a joint property so daunting? It involves a lot of legal and logistical considerations that many buyers won’t bother dealing with. The parties have to navigate community property laws and capital gains tax implications, which often reduces the amount of profit the seller makes.
Ownership agreements can slow down the process if anyone disputes the process. Families won’t wait around, and investors don’t want the risk of enduring a partition action.
Best Strategies for Selling Difficult Memphis Homes
How can two homeowners more easily sell a home they both own? Consider the following tips.
Understand the Three Types of Co-Ownership
Knowing the three types of legal home co-ownership helps the sellers approach the sale with the correct mindset. When two people own a home, it falls under one of the following categories:
- Tenancy in common (TIC): This status occurs when two people own unequal shares in the property. One owner can sell without the permission of the other.
- Joint tenancy: When both owners have equal equity, the process becomes more complex. Depending on several factors, the sale may require the consent of both parties.
- Community property: If a married couple purchased the property, they’ll need to undergo a division of assets to determine how to sell the home.
Consider Legal and Tax Implications
Selling a house with multiple owners in Memphis, Tennessee, feels overwhelming because of the legal and tax implications. Houses generally appreciate, which means the owners will pay capital gains taxes. Who should pay what portion often becomes a matter of much debate?
If you agree to sell the house during a divorce or dissolution of a business deal, you’ll likely undergo a considerable legal process. Remaining amicable and working toward each other’s best interests can avoid delays and help sell the property faster.
Sell to a Reputable Cash Buyer
Not every cash buyer provides great advantages for sellers, so look for one with sterling reviews and a strong reputation for fair cash offers. They should offer the following benefits:
- A fast-closing time according to the seller’s schedule
- Buying homes, no matter the condition or legal complications
- Zero requirements for paying for closing costs and other expenses
Alan With Pyramid Properties Buys Any Home
Selling a house with multiple owners in Memphis, Tennessee, doesn’t have to feel frustrating. Instead of finding a home buyer the traditional way, reach out to Alan with Pyramid Properties. Whether you need to sell a home on the banks of the Mississippi River or near Shelby Farms Park, you can close quickly and deposit a nice check.
To start the process, call 901-504-5555.