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Estate Property: Rent or Sell?

My father passed and my siblings and I have listed his home for sale. It has been on the market for 2 months and one price drop later with no activity. One of my siblings is now interested in renting the home. They are not interested in purchasing, only renting the home. Is this a good idea as this is an estate property so there isn't a single landlord. Also the income received from the sale of the property is to be divided equally among us. 
  • August 08 2012 - Chicago
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Answers (9)

It sounds like the property is over priced because the market has changed and property is moving much better than in past years, but if you all feel comfortable with the rentakl for a year or 2 until things change more then way not. Just be sure the details of the rent/lease etc are spelled out in writing because this is a business transaction even though it is among family.
  • August 08 2012
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a year or two till things change? well maybe but will have alot to do with the eelection.
  • August 08 2012
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Profile picture for Matt Laricy
I would focus on selling it. Renting turns into a headache when more than one party is involved. Espescially if something goes wrong, then everyone starts blaming the other person. I have personally been involved with this with a similar situation with a family member and it turned out to be a nightmare.
  • August 08 2012
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Not a problem as long as all are in agreement. Prepare a document/agreement to be signed/notarized by all make sure to designate a date to review the agreement to make sure every one is still inagreement, 18 mos to a year. Include amount of rent, and penalties for late payments., designate two persons to open and sign an account to keep money coming in and out. Not the person renting decide how often you will make disbursement maybe quarterly after you designate an accummulate a suficient amount to remain in reserve for expenses and maintenance to include maybe about three months worth of mortage and one year of taxes and insurance plus some 4,000 for unexpected repairs Also buy a home warranty to minimize repairs expenses. This will cost about 400. Another person should keep a detailed log of All income and expenses and provide a report either all months all quarterly. Best of luck. Please remember I am not a lawyer I have been involved in such matters.
  • August 08 2012
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I would focus on selling it.  If kept as a rental, who will be responsible for repairs, taxes etc.  Is there enough money in the estate?  
  • August 08 2012
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Profile picture for JohnWilt
Renting to family in such a situation is never good.  Who will be on the hook for repairs that are the renters fault?  Are you sure they will pay?  I have seen this in too many instances where the person living there stops all rental payments saying 'take it out of my share later'.  I have even seen where the other siblings had to pay utilities when the 'family tenant' lost his job and stopped paying the gas bill. Also, what happens if 6 months from now someone must have their share?  I am all for having rental properties but, your situation disctates getting a better indication of market value via and appraisal etc lowerin your price if needed and selling it.  Good Luck
  • August 08 2012
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Profile picture for Bert Pope
Yikes! I would not go down that road, renting it. You are just asking for potential trouble for the few dollars that it might bring the estate.

SELL_SELL_SELL

Then all of you are able to go your seperate ways still a good family.
  • August 10 2012
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It depends on how well you and your siblings get along....but make sure that everything that you agree on is in writing.  If it were me, I would sell the property....and it's probably overpriced that's why it isn't selling.  
  • September 09 2012
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I hope an attorney is managing your father's estate matters (whether there was a Will or not).

Renting or selling, multiple parties with decision-making ability is usually a recipe for heartache and headache.

Raheel Shahzad, Attorney, CPA, Real Estate Agent
Lombard, IL
  • September 09 2012
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