How to Sell a House as Is When the Co-Owner Refuses
Selling a house “as is” means that you are selling it in its current condition and that you do not intend to make any repairs or improvement before the sale. Property that is part of an as is sale its typically not move-in ready. It likely needs significant repairs. As is sales are common. A homeowner has to right to offer their house for sale as is. However, if the house is owned by more than one person, both parties must agree to sell the property and to sell it “as is.” Not surprisingly, co-owners do not always agree on what to do with co-owned property. One co-owner may want to sell it as is, the other may want to make some repairs first. One co-owner may want to keep the property, while the other co-owner may want to sell it. When co-owners cannot agree on what do with co-owned property, that may be sign that it is time to sever the co-owning relationship. Contact the Chicago estate lawyers at Stephen Bilkis & Associates to discuss option for how to go about selling the house a house as is when the co-owner refuses.Negotiating With Your Co-Owner
If you want to sell the property as is and your co-owner does not, ideally you can resolve the matter through negotiation. The owner who wants to keep the property or make repairs before selling it may be willing to buy your interests in the property “as is.” This option will only work if the buying co-owner has the money or financing to purchase your interest. You could also attempt to sell your interest to a nonowner. However, it would be difficult to find a buyer interested in purchasing only a part interest in a house.Getting a Court Order
If you are unable to work out a buyout agreement with your co-owner or find a third party, Illinois law allows you to go to court and have a judge sort things out in a partition action. Through a partition action, the court can sever a co-owning relationship either by dividing the property into separate individually owned parcels or by selling the property. While partition is a remedy that disputing co-owners can take advantage of, it is also an option for co-owners who simply want to divide or sell property in the most objectively fair way.
To initiate a partition action, any owner can petition the court by filing a complaint. The complaint must be filed in the Illinois county where the property is located. All interested parties must be named as defendants and all parties with an interest in the property must be listed. This may be complicated if there are several co-owners, tenants, and other who have an interest in the property. The law even requires that if there are unknown owners or interested party, that must be stated. An experienced estate attorney in Chicago can help with this process to make sure that your complaint meets all of the technical requirements.
In your complaint you must state what relief you are seeking. The choices are division or sale. Note that the court will only divide the property if it can do so without significantly prejudicing the owners. For example, if by its nature the property cannot be divided, the court will not attempt to do so. A tradition single family home could not be divided fairly.
If the property cannot be divided, the court will order it to be sold. The proceeds from the sale will be given to the former co-owners.Contact Stephen Bilkis & Associates
If you are a co-owner of property in the greater Chicago area and have questions about the how to sell a house as is when the co-owner refuses, contact an experienced estate attorney serving Chicago at Stephen Bilkis & Associates. While the process can be complicated, we will help you make the it as painless as possible under the circumstances. Contact us at 855-454-5529 to schedule a free, no obligation consultation regarding your case. We represent clients throughout Chicago.