Selling an inherited house in Baltimore, MD may not be as easy as one might think. Here are some handy tips and important information on how to sell an inherited house in Baltimore.
For starters, there is always an emotional toll involved in preparing a loved one’s home for sale. For example, when a relative passes away, the beneficiaries of her estate are left to sort through all the deceased’s belongings and decide what to do with everything. It is necessary to prepare the house for sale, but also in settling the overall estate. It is an arduous, emotionally draining, and very time-consuming process.
Then, once you have sorted through the belongings, there is usually the need for an estate or garage sale. This is followed by the search for an experienced and reliable realtor, unless the family intends to sell the property on their own. In most cases, however, unless a family member or close friend is in real estate, it is wise to seek out a realtor who does this for a living and is familiar with all the particulars involved. Moreover, a realtor is likely not emotionally invested and can obtain a better price for the property. Furthermore, heirs to an estate may have to deal with liens against the property, tax issues, etc., which can be costly and complicated scenarios, and they may result in discord among the beneficiaries.
With that in mind, we at Dependable Homebuyers have compiled a list of suggestions to help you through the process. If you ever find yourself in such a situation, these tips should help point you in the right direction and advise you on how to sell an inherited home in Baltimore, MD, without a fuss.
Making the Probate Process Go Smoothly
- Get Some Advice — Seek out professional advice and get the facts on what status the property and estate are in. Meaning, are there any liens or outstanding tax issues? Was there a will? Did your deceased family member or friend from whom you inherited the house have an attorney? Are there other beneficiaries who are known or unknown to you?You should consult and/or retain an attorney who specializes in real estate, and you might need to verify your ownership of the house in question, along with your stake in the estate, if necessary. Do not be afraid to seek advice from other professionals and online resources, such as our Dependable Homebuyers website. If it qualifies, we can give you a good deal for your inherited Baltimore house. For more information, check out our website or click here to fill out our form to get started.
- Begin the Probate Process in Baltimore — Each state has different rules when it comes to probate and settling estates. No matter where you live or where the property is located, the probate process is always easier if a will is in place. If there is no will or there is a challenge to the will, the probate process can be very drawn-out and potentially expensive if legal action ensues.Regardless, before an inherited home can be sold, it must go through probate. In cases where there is a will, most jurisdictions allow for a summary probate, which is an expedited probate that takes much less time and fewer legal machinations. Once the house clears the probate process in Baltimore, it can be put on the market.
- Tax Consideration — The property’s tax basis stems from the home’s value on the date of death of the individual who willed it to you. The difference between the amount garnered from the sale of the house and its value on the deceased’s date of death is what determines the taxes owed.
How to Sell an Inherited Home in Baltimore
- Agreeing to Sell — If you are ready to sell your inherited home in Baltimore, you should inform the executor of the will and/or estate who will petition the court for approval to proceed with the sale. Issues may arise if beneficiaries have different views on what to do with the property. Some might want to sell while others could be against it. This is another reason why an estate and/or real estate lawyer is beneficial to help resolve any disputes.
- Preparing to Sell — If the inherited home belonged to an elderly and/or disabled individual, it may require extensive repairs and/or upgrades. While some states do allow a house to be sold “as is,” you might find prospective buyers making lower than expected offers for the property if there are cleaning or repair concerns. It is usually a good idea to hire an inspector and/or consult a contractor about any recommended repairs or upgrades prior to listing the house.
Selling an Inherited House can be Stress-Free!
However, here at Dependable Homebuyers, we pride ourselves on offering a fair deal and always helping you get as much value as possible out of your inherited properties. We purchase houses in Baltimore and throughout Maryland, fix them up, and rent them out or sell them to others looking for a home of their own at a reasonable price. Selling an inherited house in Baltimore, MD can be stressful. Dependable Homebuyers can pay you in cash on a timeline you need to make the probate process go smoothly.
If your Baltimore property meets our qualifications, we can offer a fair deal and purchase your inherited home quickly! Fill out our form or give us a call at (410) 779-4622.