Can you sell half ownership of a house?

Can you sell half ownership of a house?

A: You can sell all or a part of any interest in real estate that you own unless you are restricted by an agreement not to. Selling your half would not change your liability for any loan you signed for, even though you no longer own part of the house.

Can a step-mother sell her father’s house?

A: Firstly you need to establish how your father and step-mother owned the property, i.e. as ‘joint tenants’ or as ‘tenants in common’. A joint tenancy means that on the death of one spouse the surviving spouse automatically inherits the deceased spouse’s interest in the property, irrespective of what may be stated in the deceased spouse’s Will.

What happens if my father owns a house?

If the home was your father’s separate property, then your father’s children would… It would depend on whether or not your father bought the home before the marriage or not.

What happens to the property in a short sale?

With a short sale, the lender doesn’t have to take the property back and bear the expenses of maintaining it until it can be sold. They’ll also avoid risking that the property won’t sell again at a price high enough to recoup their losses—as it more than likely would in a foreclosure.

When does a lender approve a short sale?

When a lender approves a short sale, it’s agreeing to sell the property for less than the outstanding mortgage balance against it. There’s something in this for the lender when foreclosure seems inevitable.

Can a bank take ownership of a short sale?

“Some banks may even prefer to pursue a foreclosure, since they not only assume ownership of the property but may receive bailout money from the homeowner’s mortgage insurance policy,” says Marlene Waterhouse, a real estate agent and the owner of Short Sale Solutions.

How does a short sale work in real estate?

A short sale process starts off like any other home sale: You contact a real estate agent (here’s how to find a real estate agent in your area), list your home (mentioning that it’s a “short sale/subject to lender”), then wait for an offer to come in. But once you accept an offer, things get tricky.

What should I do before selling my parents home?

“Before you can sell the house, you need to identify all of the heirs, and find out which one is the named executor or personal representative who is then authorized to make decisions about the home sale.”

Do you have to pay capital gains on sale of parents home?

If your parents sold the home before they passed away, they would be required to pay capital gains on that $200,000. (Although, they would be eligible for the home sales tax exclusion .) However, you’re inheriting the property at that $280,000 value—which means you’ll only need to pay capital gains on any proceeds above that inherited value amount.