One property, multiple owners: the specifics of selling

These reasons may account for a property having multiple owners

A significant portion of the real estate in Hamburg consists of properties owned by more than one person. One of the primary reasons for this is that properties are often acquired jointly at the time of purchase, perhaps as a foundation for starting a family or within the context of marriage. However, shared ownership of a property can occur even when there is no longer a partnership. Common examples include divorces, inheritance communities, as well as gifts or joint investments outside the family. Given the variety of possible starting situations and the often emotional nature of these matters, Engel & Völkers Hamburg emphasizes a sensitive approach to handling such properties, especially when a house or apartment in Hamburg Schnelsen is to be sold.

Selling properties with two or more owners: consent of all parties required

Unlike sales involving a single property owner, selling houses and apartments with shared ownership rights require that all owners consent to the sale. Our real estate agents' experience shows that this can be particularly challenging in ownership situations where there are differing visions and usage intentions. If the personal relationship between the owners is tense or reaching a mutual resolution seems hopeless, Engel & Völkers Hamburg can act as a mediator, offering new perspectives from a neutral standpoint. A transparent depiction of the current market situation, including the identification of a realistic selling price by our industry experts, can positively influence decision-making, even in seemingly deadlocked situations. Feel free to contact us so we can assess your situation individually and develop a targeted solution approach.

Alternative options for the consensual sale of jointly owned properties

If, despite all efforts, reaching an agreement with co-owners is not possible, there are several other options for proceeding with the property in Hamburg Schnelsen. Engel & Völkers offers the Liquid Home service, which allows for a simple and profitable partial sale of your property, wherein you sell only your share of the property, provided it does not exceed 50% of the total ownership. The remaining shares stay with their original owners, allowing them to continue residing in or otherwise using the property.

A second option, which is often hard to implement in practice and thus rarely used, is the structural division of the property. For instance, if the property can be remodeled such that a former single-family home becomes two separate apartments or semi-detached houses, each owner can freely decide on their share thereafter. If none of these options leads to an acceptable outcome, the final recourse is forced or partition auctioning of the property. Since this usually results in significantly lower prices than free-market sales, leading to a suboptimal result for all parties involved, Engel & Völkers advises avoiding this situation if possible.

Are you currently in a co-ownership situation with one or more other individuals and looking for a way to sell your property in Hamburg Schnelsen with the best possible outcome? Engel & Völkers Hamburg warmly invites you and your co-owners to a personal consultation at our office at Oldesloer Str. 27 in Hamburg to explore your existing options together. Our real estate agents look forward to your call; you can also book a free and non-binding initial appointment with us online through our contact form.