5 Things to Do When Inheriting a Home in Las Vegas
Losing a close family member is extremely difficult. You may be responsible for planning a funeral, in addition to dealing with grief and adjusting to a world without your loved one. Things get even more complicated when you inherit your loved one’s home.
At We Buy Any Vegas House, inherited houses are some of the most common properties we buy. Thankfully, our experience in this field will help you during this difficult time. Here are five immediate steps to take when you inherit a home in the Las Vegas area.
1) Focus on Communication
Clear and intentional communication is key when dealing with multiple heirs on a house in Las Vegas. When there is more than one heir, there may be differing opinions in terms of what to do with the property. When emotions get involved, things can get messy, so that is why it’s important to focus on facts.
If there are already conflicting dynamics, you may want to consider hiring a mediator to help during the negotiation process. Remember that if there is an heir who is pushing for foreclosure, the profits from the home will be subpar at best, with closing numbers usually yielding around two-thirds of the home’s fair market value.
2) File Probate
If your loved one did not set up a living trust, their assets will have to be distributed. For this, you must file probate following the inheritance. Probate is essentially the distribution and settling of affairs in court. Before this process can begin, the court will need to establish an executor who will be the personal representative for the estate.
Following that, all assets must be in order for the probate process to begin. This is where communication is key, because you will want all beneficiaries to be on the same page. If there are any disputes between heirs for the trust and estate, the court will be responsible for resolving this.
3) Establish an Executor
As mentioned above, the court will help establish an executor who will be in charge of communication among the heirs of the property. With this title comes great responsibility. The executor is in charge of gathering assets, communicating with the attorney and paying outstanding bills and taxes.
Also, executors must work outside any self-interest tendencies. (Of course, this doesn’t always mean that they do.) Their main role is to act above any emotions or reproach, and to honor the will or trust from the deceased.
4) Count the Costs
Inheriting a house in Las Vegas comes with financial aspects that are important to take into account. Along with paying the mortgage and insurance, you will want to calculate numbers on any debt that has accumulated on the property.
Along with the mortgage, liens and possible obligations to make repairs, there are also tax liabilities since the IRS will charge a specialized tax on capital gains. You also may want to consider hiring a property management service if you decide to hold the property. All of these expenses can be overwhelming, but they must be taken into account.
5) Deciding to Hold or Sell
As previously noted, if you decide to hold the property, you will probably want to hire a property management service to take care of the property so the responsibility doesn’t fall into your lap.
If you’ve decided against holding the property, We Buy Any Vegas House will flip your inherited home for an amazing price! We understand that losing a loved one is followed by a difficult journey ahead, and we want to make the selling process as seamless as possible.
Despite a difficult loss, life must move on, and you don’t need to carry the extra burden of selling or holding the property. Our cash buyers in Las Vegas are here for any questions or concerns you may have, so get in touch with us today!