Life can be stressful especially after the sudden loss of a loved one. What makes things worth is when you suddenly find yourself in charge of an estate and its accompanying responsibilities. What complicates matters further is when there are multiple heirs with conflicting desires. In this article, we have outlined six things to do immediately after inheriting a house in Raleigh
1 – Communication Is Key
When we get calls from local homeowners that have inherited property we always ask how many heirs have inherited the property. Ensuring that all the heirs are on the same page is key to a smooth transaction in Raleigh. Good communication is the key to a smooth process. Modern technology makes it easier for people to easily communicate, even in the event of large distances, but that doesn’t mean people are actually communicating.
It is common for multiple heirs to have differing opinions on what to do with a property. Emotions can run high, and can be made worse by stress, when dealing with inherited property. It is crucial to keep the focus on the solution. If you are aware in advance of conflicting dynamics, or it becomes apparent that things are taking a turn for the worse, it may be worth hiring a mediator the help during negotiations.
2 – Probate
When there are assets to be distributed, especially when a house or land is included in the assets, you must file probate following the inheritance of a house in Raleigh. The exception to this is when there is a living trust set up.
What is Probate?
Probate is the settling of the affairs of a decedent in court. For probate to begin, the court must legally establish an executor or personal representative of the estate. This can be one of the heirs. The executor has many responsibilities to fulfill. For example, there must be collecting and accounting of the assets during the probate process. Any claims from creditors must be satisfied along with the settlement of estate taxes if any. The probate court must also resolve disputes between any heirs for the trust or estate and, finally, the assets distributed.
3 – Executor
Being named an executor when you inherit a house in Raleigh is a big responsibility. You must design and execute the plan for communications among the heirs. You will also need to develop the accounting methods for the trust or estate to be delivered when called for during probate. As the executor, you will have to gather the assets and also establish a relationship with the attorney, accountant, and other necessary professionals to complete the process. Be careful that you take every step possible to avoid mismanagement and follow all laws and not take any steps in your self-interest. Your prime directive in this position is to act above reproach and honor the will or trust, carefully adhering to the documents that are relevant and the intent of the deceased as outlined.
4 – Affordability
It is imperative to understand the financial aspects immediately upon inheriting a house in Raleigh. In addition to paying the mortgage and insurance, you will need to crunch the numbers on any debt associated with the property. Be careful not to assume that there isn’t a mortgage or even a second mortgage that you aren’t aware of. We bought an inherited house in Raleigh where there was a second mortgage on the house the executor was not aware of.
In addition to the mortgage, obligations for repairs, or liens on the estate, you should consider tax liabilities. The IRS charges a specialized tax on capital gains, calculated on the difference between the original purchase price and the current FMV. Additionally, the condition and age of the property matter as homes age, and repair expenses can be overwhelming. If time or distance is at issue, you should also account for hiring caretakers or hiring a professional property management service if you hold the property.
5 -Hold or Sell
If you have decided against holding the property – Wake County Home Buyers will buy your inherited house for cash and help you through the entire process! Wake County Home Buyers understands that heirs need to move on with life and lose a loved one at such a difficult time. When you work with Wake County Home Buyers, usually closing in mere days, you can be relieved of the burdens that came with the property. At Wake County Home Buyers, we take the time to explain every figure used to reach our offer and that you agree it is fair. Wake County Home Buyers uses straightforward contracts with no commissions or hidden fees because our goal is to make the process easy. Wake County Home Buyers will take care of everything, just leave whatever you do not want to keep in the home and walk away. Whichever way you decide to go, Wake County Home Buyers is happy to help guide you. Wake County Home Buyers will answer any questions or concerns you may have with no obligation. There is nothing wrong with reaching out for help with any questions you may have if you feel overwhelmed with any task. You will find dedicated experts willing to share their experience and help you along the way at Wake County Home Buyers. Just give Wake County Home Buyers a call at (919) 473-6885 or send us a message to learn how to solve your inheritance problems.
6 – How To Sell
If you have inherited a house outside of our service area you have the option of listing the home with a local Realtor. Or you can find a local and reputable home buyer in your area. We always advise that you work with someone local, with a solid reputation in the community, rather than working with an iBuyer. Choose to work with someone that will treat you professionally and not just another transaction.