Inheriting a home in San Diego can come with a wide range of emotions. Maybe you expected this or maybe this has come to you as a surprise. No matter how you got here, it can feel quite overwhelming to know what the next best step is. When inheriting a home comes with many challenges and if the home has been left to multiple parties, it can cause complicated discussions and a drawn out sales process if you don’t have the right information under your belt. At Trusted House Buyers, we want our clients to be well equipped with as much information so they can make the most informed decision for their financial future. At the end of the day, inheriting a San Diego house should hopefully lead to financial gain. Let’s see how Trusted House Buyers can help!
The Process of the Probate
With or without a will, estates often go through a legal process called probate. The Super Court of California, Santa Clara informs us that, “Probate is when the court supervises the processes that transfer legal title of property from the estate of the person who has died (the “decedent”) to his or her beneficiaries. Usually, you have to fill out court forms and appear in court to:
- Prove to the Court that the Will is valid (this is usually routine),
- Appoint a legal representative with authority to act on behalf of the decedent,
- Identify and inventory the decedent’s property, and have that property appraised,
- Pay debts and taxes, and
- Distribute the remaining property according to the terms of the Will or to the decedent’s heirs.”
Now when there is a will that has been left behind, it can be quite helpful as it states to whom the inherited property will go to. If there is not a will, the estate usually goes to the next of kin. Now in a situation with multiple siblings this is where matters can become muddled, so a will is usually extremely helpful! The point of the will is so their wishes can be legally documented and carried out.
Multiple Beneficiaries . . . oh my!
If a will names a single person as the beneficiary of the estate, well the process is simplified by leaps and bounds. As a single beneficiary it rids the need to consult with other parties to make decisions on the home that you have just inherited and the process is streamlined considerably.
However, a will can name multiple beneficiaries. This means that there are more than one beneficiaries named as the owner of a single asset and in this case, a house in San Diego. Trust & Will let’s us know that, “When multiple siblings inherit a house, all of them wind up with a share of the property. For example, two siblings would each get 50% of the property, four siblings would have 25% each, and so on. As a result, the property has multiple owners who all have a responsible share of ownership. Everyone divides the property tax, mortgage payments (if any) and ongoing maintenance of the home, unless there’s an existing agreement or division of ownership in the Will. ” This seems simple, but if siblings live in different states or do not communicate well, having multiple owners of an inherited property can be quite the headache.
Coming to an Agreement
Coming to an agreement when there are multiple people listed on the will to inherit a home is one of the most challenging situations to navigate when dealing with an inherited home. Smartasset.com explains, “The executor of a will has a fiduciary duty to act in the best interest of the estate. This means that the law prevents you from acting in your own interest to the detriment of the estate.” The executor must act as the leader of this task and help each party come to an agreement. When there are several heirs, one may want to sell the home right away, one may want to live in it, one may want to keep it as a rental, one may want to pour money into a renovation. This can cause tension and time to make a resolution. When we are leading busy lives with busy families, having this hang over your head can feel unwelcomed and stressful. Issues pertaining to an inherited property can end up in court only adding to the tension.
Now what?
It seems like inheriting a home has its challenges and that is true. But the light at the end of the tunnel here is that the inherited San Diego can be sold for profit to be split between the heirs. One main concern is that an inherited property most likely has a laundry list of repairs, especially if the home is outdated or distressed. This can raise quite the red flag when trying to ready the home for the open market in San Diego where your competition will be right next to homes that are beautifully renovated and turnkey. One of the simplest and fastest options is to sell your inherited San Diego home to Trusted House Buyers. We have the ability to work within your timeline and give you a cash offer for your home today. That means we do not require a home to have all repairs fixed. We do not require a home to be updated. We will take your home in any condition and allow you to leave any unwanted belongings behind. This way, the hassle of trying to head down a rabbit hole of decisions is eliminated and the heir(s) of the property will be able to split the profits of the home and use that money for future investments or just life! We have experience working with heirs of an inherited home and are willing to provide our valuable insight and guidance every step of the way.
We recently purchased a property from a group of siblings who were scattered around the country and trying to sell their deceased loved one’s home. We were able to streamline the process, offer them a cash offer with no surprised or hidden fees, and then were able to walk away with a healthy profit. Let us help you with your inherited San Diego home. Give Trusted House Buyers a call today at 619-786-0973!
