Similar to marriage, co-owners of property can sometimes be completely in synch with their goals. Other times…not so much. When it comes to selling a property, owner disagreements can create some real challenges.
There are a variety of reasons why owners can end up disagreeing on what to do with a property. For instance, one partner may be ready to sell and the other is ready to rent. Situations like divorce thrust partners apart, while inheritances can throw unlikely partners together. These create complex dynamics and motivations for each party involved.
Real estate investors routinely find themselves in the middle of these situations. The good news is they can often work to find common ground between co-property owners.
The Surface Problem
Let's take the real world, unfortunately all too common, example of a couple who is going through divorce. One spouse is adamant about remaining in the family home, while the other is adamant there is no way to financially support this long term. As time and tensions grow, and available funds dwindle, house maintenance is the first to go, if not already long gone. Selling the house only becomes more difficult, and less profitable, for both sides.
The Real Problem
The disagreements co-owners have on selling properties is ultimately, rarely about the surface arguments being had. There are almost always underlying, much more personal “pain points” involved. The key is to ask genuine questions and try to find what the true reasons really are, in order to work on solutions. In the example above, the spouse demanding to stay in the house, under the pretense that it is best for the kids, may fully understand this is not financially realistic. The true underlying reason could be that they are already under tremendous stress, and feeling overwhelmed with the idea of finding a new home, not to mention all the moving logistics, impact on their kids, etc.
A real estate investor who is understanding of this may be able to incorporate moving assistance into the offer to purchase the house, and provide a rental property to move into. By doing this, and not requiring any repairs on the house, the concerned spouse has their REAL needs met, and is now comfortable with selling the house.
While every situation is unique, the ability to satisfy each property seller’s personal needs remains at the heart of successfully navigating disagreements. If you are interested in selling a property and could use some help finding solutions that are agreeable to your co-owners, EnTRUSSt Properties will be glad to help. We make sure to be fair and transparent, to all parties involved, and will do our best to find an offer that works for all. Call us at (910) 777-7236