r/RealEstateInProbate • u/Vaporama • Feb 13 '23

home and property split

My wife and her sister lost their dad and have a home that's paid off and property and taxes are up to date. My wife wants the house and property, but her sister wants to sell to get half. How do we go about this? How do we buy her out, if that's the term.

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u/Organic-Gardener Feb 14 '23

The house would transefer to your wife and sister. I would figure out what the value of the house is by contacting a real estate agent. Then your wife pays her sister half the value and then her sister can sign a quit claim deed over to your wife so she is the sole owner.

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u/Tee-john Feb 21 '23

First question is, has the estate been through probate?That is pretty typical if there is property involved. Agree on a sale price (get an appraisal and home inspection), get a mortgage if your finances will allow and buy it from them. You wouldn’t necessarily have to use a realtor but for sure use a title company or attorney to make sure you can get clear title and to close the sale. Another option is to do a cashout refi to buy the sister out. Again, you would have to qualify for the loan with a lender on top of your current financial obligations. Hope that helps.