Wondering, What to do with Your Inherited Home ?

First thing, to do when you Inherit a Property in NC

1. Obtain a copy of the will and probate court documents.
2. Determine if there are any outstanding debts or liens on the property.
3. Decide if you want to keep the property, rent it out, or sell it.
4. Seek the help of a real estate attorney or financial advisor for guidance.
5. Pay any necessary property taxes, insurance, and maintenance costs.
6. Update the ownership information with the county property registry.

What Probate Rules Apply in NC on a Inherited Home?

In North Carolina, probate rules for inherited property vary based on the value of the estate and whether a will was left behind. Here are some general probate rules in North Carolina:

1. Small Estates: If the value of the estate is less than $50,000, it can be distributed to the heirs without going through formal probate.
2. Formal Probate: If the value of the estate is greater than $50,000, or if there is no will, the estate must go through formal probate. The process involves the appointment of an executor, identifying and valuing the assets of the estate, paying debts and taxes, and distributing the remaining assets to the heirs.
3. Will Contests: If someone disputes the validity of the will, a will contest can be initiated, which will delay the distribution of assets.
4. Estate Taxes: North Carolina does not have an estate tax, but if the deceased person was a resident of another state with an estate tax, it may apply.

Note: The probate process in North Carolina can be complex, so it is recommended to consult an attorney for guidance. Additionally, these rules are subject to change, so it’s important to stay informed of any updates or changes.

What Problems can I expect from my Parent’s Inherited Property?

Inheriting a property can come with several potential problems, some of which include:

1. Title Issues: The property may have outstanding liens or encumbrances that must be paid off or resolved before the property can be sold or transferred.
2. Probate Disputes: If there are multiple heirs, there may be disagreements about what to do with the property, or disputes about the distribution of assets according to the will.
3. Maintenance Costs: Maintaining an inherited property can be expensive, especially if it has been vacant for an extended period of time.
4. Estate Taxes: If the value of the estate exceeds a certain threshold, estate taxes may be owed, which can impact the distribution of assets.
5. Renting or Selling: Deciding whether to rent, sell, or keep the property can be difficult, especially if there are multiple heirs with differing opinions.
6. Inheritance Lawsuits: In some cases, disinherited heirs or creditors may challenge the distribution of assets in court.

What are my Options with my Parent’s Inherited Property?

e are some options to consider if you have inherited a property:

1. Keep it: You can use the property as a primary or secondary residence, or rent it out for income. Before keeping the property make sure to get a title search done in order to determine if there are any existing liens or judgements which you will be taking over. In the State of NC, unless directed in the will, the beneficiaries inherit the house subject to the mortgage. If you budget does not allow to pay for the existing mortgage and maintenance, then perhaps selling or renting might be an option.
2. Rent it: There is always an option of renting out the property to generate income. This can be a great option if you are ready to take on some work of managing tenants, repairs, leases etc. This also comes with the expense of maintaining the house. You can always hire a property manager to ease up the process, however you will still be responsible for general repair expenses, property taxes, insurance, water bill, sewer bill, electric bill, trash pickup bill, loss of lease from vacancy and any underlying mortgage.
3. Refinance it: You can refinance the property to get cash out or lower monthly payments. This can be a good way to keep the property if you’d want to reduce the loan payments by refinancing it as a investment property for 20-30 yr loan. If you do decide to live in the house, you can also get an FHA fixed rate 30yr loan.
4. Sell it: If you don’t want to deal with your parent’s inherited property, then selling it might be your best choice and you can use the proceeds as a down payment for another property. This always comes with an emotional challenge of letting your memories go away with it. In most of the cases, your house is filled with the personal belongings which is needed to be cleared up in order to list the property with a realtor. Also, if there are any maintenance issues, they would need to be repaired as well if you decide to use a realtor. Other option which involved less hassle is selling the house to cash buyer. These buyers buy property in as-is condition quick for cash. They are responsible for all repairs and all heavy lifting.

We at H&M Home Solutions, work very diligently with the inherited homeowners to understand their situation and their future goals. We work above and beyond to make home selling process smooth for you.

• We can buy your inherited house all Cash, therefore its a guaranteed sale.
• We can close on your chosen date as per your attorney’s recommendation.
• We buy directly from you/seller. Therefore you don’t pay any agent fees.
• We help you in moving. We offer free $500 U-haul moving assistance.
• We pay for all the closing cost
• We don’t require you to do any clean ups or repairs. We buy as is.
• We don’t require the homeowner to do any 3^rd party inspections or appraisals.
• We don’t require you to go to different offices or to the attorney’s office for closing. We have a team who can do it all remotely while you are sitting on your sofa. We do all the heavy lifting here.

We operate with a flexible approach and will attend your special request as per specific situation. If you have inherited a house from your parents or other relatives, Reach out to us and see how we can possibly you assist in your situation, and if we can’t we will let you know straight up and guide you in the right direction.