Losing a loved one is something that everyone must face at some point in their lives, but it’s never easy. When a parent passes away or a grandparent crosses over, their property generally passes to children and grandchildren. It’s a way that they pass down their hard-earned wealth to the next generation. Sometimes, families want to hold on to a house in Charlotte that’s been in the family. Sometimes they want to sell an inherited property.
Before you make a decision, know what you’re facing. Inherited items are subject to a period of probate and to inheritance taxes on the appreciation of the property. That’s true even if repairs are needed ahead of the sale. How long you decide to keep the home and how much you’ll owe the government in inheritance taxes could affect your decisions about what to do with what someone has left to you.
Understanding probate in North Carolina
Probate is the entire method of dividing up personal property in the wake of someone’s death. The first thing to know is that the NC process applies to most homes that are inherited in Charlotte. It can take up to two years. During this time, the property is held in a living trust and the property is left unchanged. The only way to avoid probate court in North Carolina is to put a piece of property into a trust while someone is still alive. In this case, probate for an inherited property in North Carolina is avoided.
If you have a house in Charlotte in probate, know that you’ll need to head to the Mecklenberg County Courthouse for hearings. In these hearings, the Clerk of Superior Court will review the status of the estate and make determinations about any property. Depending on how complex the debts and assets of the homeowner are, this could mean several court appearances.
When someone has a will with a named executor, it can make the process easy and take a great deal of the pressure off because there aren’t as many steps needed for validation purposes. Unfortunately, without a named executor, people could spend thousands on making sense of the wishes of their family member. The court will first check to make sure the will is authentic. Once that’s determined, they’ll authorize the executor to pay off any lingering debts. When all debts are paid, the executor distributes any remaining property.
Note that all property is subject to probate in Charlotte, both deeded and non-deeded property. Appliances, vehicles, jewelry, etc., are all taken into account for validation purposes by the executor or the Mecklenburg County judge.
What if there’s no will?
If there is no will for the home of someone who passes away in Charlotte, North Carolina the NC Interstate Succession Act governs the distribution of the property of the deceased, including what happens to their home. The home then goes through the probate process. The Clerk of Superior Court of Mecklenburg County acts as judge and divides up assets between surviving family members.
The NC Interstate Succession Act is a complicated piece of legislation that delineates exactly who gets how much of a person’s estate and outlines the legal rights of everyone involved. For example, if a person is married with two children, their spouse inherits the first $50,000 worth of their property. The balance is split evenly among the children. There are contingencies for every kind of family structure within this law, as well as provisions for people who have no living close relatives.
When there’s no will, the estate administrator will sell any property and split up the funds according to NC law. That’s only after settling any debts. This all happens through the time of probate. It requires problem solvers to determine what the will of the deceased might have been. The estate administrator is under no obligation whatsoever to look at anything but the law.
Settling debts before selling an inherited house
Though we’d love to tell you that it only takes a few days to get through this and that you’ll have a fast sale for an unwanted house, the reality is that you’ll have to wait in order to get fair market value.
If there was a prolonged illness or some financial problems before the homeowners passed away, you might be faced with paying down debts and you won’t be able to sell the house fast in Charlotte without more info. There could be unpaid property owner’s association fees or bills from recent home repairs. The homes age could also mean that it’s not easy to get rid of burdensome houses in today’s market.
The first debt to think about is the mortgage. When someone is behind on their mortgage payment and dies, the mortgage holder can attempt to foreclose on the house of the deceased. Under North Carolina law, creditors can initiate foreclosure proceedings to get the money that they’re owed.
Paying down the homeowner’s debts
When the person has a will, what assets will be used to pay down debts are delineated in the will. There could be multiple assets that can be sold to make up the amount that’s needed to pay off whatever debts linger after the loss. Getting a fair cash offer to sell the house fast can make a big difference. Paying off property taxes or other debts in the wake of a loss must be a priority.
Without a will, the bank or other creditors can come directly for real property in Charlotte. This usually exists as a piece of family property. In this case, foreclosure can mean that the house goes for less than its market value. If this is the case, the Mecklenberg County estate administrator can petition the court to allow the family to sell the house in Charlotte, NC. The family can sell for more cash either to a cash buyer or through the traditional real estate process. this will let them preserve any equity.
All of these things happen within the inherited house sale process in Charlotte, North Carolina. There are also issues of estate taxes, closing costs, costly repairs, and potentially unforeseen fees associated with getting rid of burdensome houses.
Care for emotions when you sell an inherited property
Though the financial realities press hard on families in the wake of a death, the emotional realities are just as important. If you’ve experienced the death of someone close to you,, put yourself first. Take steps to care for your mental health as you deal with selling an inherited house in Charlotte.
Looking after your emotional wellbeing
Here are four steps that you can take to look after your emotional wellbeing when you’re working to deal with the inherited items of your loved one.
- Ask a close friend to go through their things with you – don’t do it alone if you can avoid it. Sharing memories and giving yourself space to grieve while you clear out your loved one’s things is essential to the healing process.
- Allocate items to be given to friends and family, to be donated, and to be thrown away. Feel free to do this in whatever way feels right for you.
- Take lots of pictures and video of the house before you sell it. This will allow you to revisit your memories and to have a kind of time capsule. You don’t have to resort to spending thousands of dollars to try to hold onto a house to preserve your memories. It’s impossible to hold all of that in your heart without the physical property.
- Contact a grief support group or a therapist to help you understand what’s happened. Letting go of the personal property of a loved one is difficult, and you don’t have to do it alone. Charlotte has lots of opportunities for grief counseling and loss support, and you are under no obligation whatsoever to do this on your own.
The probate process in North Carolina is challenging, even when there’s a will and an estate executor. Throughout the experience of selling an inherited house to investors in Charlotte, make sure that you look after your emotional wellbeing as well as your financial interest. Property in today’s market is selling fast. You can get a fair price for houses of all kinds without extra fees no matter where you are.
Engage with a trusted real estate agent or a cash buyer
Finding someone who you can really trust to work with you to sell your inherited house in Charlotte, NC is a major part of this. When someone passes away, it’s naturally disorienting.
Whether you’re searching for a cash buyer through a we buy houses company or a traditional real estate agent with a great track record, make sure that you’re working with someone who is compassionate about your situation. If the homebuyer or investors that you’re talking to starts to put pressure on you, then it’s a good time to look for another buyer.
Getting a fair all cash offer or working with an investment firm to get your fair cash for an inherited home should be easy. Professional buyers will treat you with respect as they are in the business of helping homeowners. That’s even more true because the market can be confusing. You deserve to have the support of problem solvers who have your best interests in mind when you sell an unwanted inherited property.
This area is full of high-quality options for you to sell an inherited property in Charlotte. You have lots of options to sell! Part of looking after your emotional well-being through the NC selling process is working with a great buyer.