Answers by Jessica Zenzen

Unfortunately, I’ve been seeing more sellers who are having to bring money to closing because their proceeds aren’t enough to cover their loan payoff, commissions, closing costs, liens, or other obligations. That being said, the seller being short on funds does not automatically make that the buyer’s responsibility. If you have a fully executed contract, I would immediately have your agent and the title/escrow company review exactly why there is a $5,000 shortage and what your contract says about the seller’s obligation to close. You ultimately may have a decision to make: contribute something toward the shortage if keeping the home is worth it to you, negotiate another solution, or pursue the remedies available to you under your contract if the seller cannot perform. Since you’ve already given notice on your rental and closing is days away, I would also ask your agent to escalate this immediately and get everything documented in writing. If there is a potential seller default, your agent can explain your contractual options and recommend speaking with a real estate attorney if necessary. I’m sorry you’re dealing with this so close to closing. A $5,000 shortage should be something everyone is working quickly to solve, but I would absolutely want to understand where that number came from before agreeing to pay anything. Hopefully your Agent will advocate for you and find how to work this out!

There are legal avenues when co-owners of an inherited property cannot agree, but I would try to exhaust the practical solutions before going down that road. First, I would sit down with a Realtor and look at the numbers together. - What would each of you net if you sold today? - What would the property realistically rent for after taxes, insurance, maintenance, vacancies and management expenses? Sometimes seeing the actual numbers makes the best path much clearer and help you to have the informatinn you need to make a good decision for you and your family moving forward. Another option is for your brother to buy out your ownership interest if he wants to keep the property and you want your equity out. If you still cannot reach an agreement, a real estate attorney can explain your rights as a co-owner, including whether a partition action may be available to force a sale. That process can be expensive and time consuming, so it is generally worth trying to reach an agreement first. I would recommend speaking with an experienced local real estate agent to determine the property's current market value and a local real estate or probate attorney regarding your specific legal options. Having good information may help the two of you find a solution without turning a family disagreement into a lengthy legal battle. - Jessica Zenzen Tipton