By Courtney Rollins, Certified Probate Expert & Senior Transition Specialist
They are not making any more land. It is a part of the American dream to own a house. Home ownership is highly coveted in this society. So why would someone be interested in, or even consider selling an inherited property? What’s going on, everyone? This is Courtney Rollins, the Life In Transitions Experts Podcast as host and the certified probate expert for Durham County, North Carolina Senior Transition Specialists for North Carolina.
Today we’re going to talk about actually 5 reasons why someone may consider selling an inherited property in North Carolina.
So, what is probate?
It is the legal process for settling the affairs in the estate of a deceased party. When someone has an asset that needs to be transferred from their name, and they’ve passed away. There has to be a legal instrument to do that, and that is the probate process. If someone passes away, and they have debt that is attached to their name, to their estate, it has to be processed, and that is late process. So why you might want to sell your inherited house.
Let’s take a look. Number one. If you are the personal representative or the person responsible for settling the affairs, the debt on the property, or on the estate, I should say. Then, selling the house may be one of the ways that you can meet the needs and pay the bills. So to be able to pay the claims on the debt. You may need to sell the property. You may decide to sell the property, even if you’re not the personal representative, you may say, hey, this is the best best for the estate. Let’s go ahead and do that.
Distribute the Inheritance
Another reason is so that you can actually unlock equity and funds to be able to distribute the inheritance. So perhaps there isn’t much money left over. But there is a property, and you all have decided that, hey? If we sell this property, we could actually take the phones from there and distribute it to the heirs.
Meet the instructions of the last will and testament
Another reason, which could be part of part 2 as well; but it may meet the instructions of the last will and testament. The deceased party may have decided that they want their property so, and they may even give more detailed instructions on how to be sold, and how the funds are to be used.
Hire attorney
Number 4, maybe you decided to hire an attorney, which I do highly recommend to settle the probate. You may need to pay the attorney fees.
Downsizing
Number 5. You may decide that you want to move into a new space. Now that your loved one has passed away, or maybe you’re working with family members or loved ones that have survived. And now the house or the space they’re in is either too big or does not fit their lifestyle needs, and so, moving into a new space. Selling the home may give you funds to pay for the new space, as well as be able to take care of meeting the needs of the loved ones living conditions.
Selling House Options
Now let’s think about some options. What could you do now that you decided to do something with the property? I’ll just go over 5 really quick. 1) Keep it, you know. Maybe you go ahead and live in it. Perhaps you have your family members or other folks live in it. Number 2) You might just decide to turn it into a rental or an investment property as a great way to be able to actually generate income and to keep it the property and number 3) You may decide to sell it on your own physical for sale by owner, you may decide that’s the viable option for you before you may decide to find a real estate agent or a broker, and have to have it listed the more traditional route. You can pay for the rehab and the repairs, and get it properly ready for the market, so they can sell it the highest, best price. 5) You may go to a cash buyer like us at a State. and decide that speed and convenience is what you need to unlock the equity and sell it, as is cash.
Estate Pro Service Home Buyers
We provide a wholistic approach to the probate process, meeting your needs hopefully as best we can, and we. We can provide any of those options. We take on a heart, head, and hands on approach. We’ll really approach you with empathy and big ears. Listen to what situation is, and then we’re able to use our heads and put our heads together to design a strategy that’s best for you, based on what you said, and get to work using our hands to make it happen. So we love you to check us out of the Estate Pro Service, LLC for a free consultation!
Estate Pro Service, LLC and its members, officers, directors, owners, employees, agents, representatives, suppliers and service providers are not attorneys or financial advisors and are not providing legal or financial advise. Estate Pro Service, LLC and its members, officers, directors, owners, employees, agents, representatives, suppliers and service providers provides this website (the “Site”) for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to these terms of use and all applicable laws.