Life can change extremely quickly, so you always need to be prepared. A little over 15 years ago, I sat down with my financial planner and drafted a living will, power of attorney document and advanced medical directives. Why? Because I was about to have a child and I wanted to make sure that she was taken care of in case anything ever happened to me.
I cannot stress how important it is to do sit down with an attorney and get this done. I deal with folks trying to sell a probate property in Maryland all of the time and it is a nightmare if there are no official documents are in place or if the probate process isn’t followed out correctly.
Bottom line – the probate process can be expensive and if you have a property in the probate process, not following the legal requirements will end up being a nightmare. And if you are the trying to handle the estate of a recently deceased loved one, hassles are the last thing you want to deal with in that situation.
Executors, personal representatives and heirs all need to be on the same page in order to allow for a smooth sale of the property. Critical decisions need to be made, often very quickly.
Inherited properties often come with a litany of challenges: the property may be in your name (whether or not you are aware of that), there may be a tax lien or unpaid utility bill that is not known to you, expensive repairs may be needed, or the property may be uninhabitable.
The longer you own an inherited house in Maryland, the more it’s costing you. I know this can be a very tough decision, but eventually the family has to decide whether to keep the property or sell it. The following is a simple guide to help you decide what to do in the event you inherit a Maryland property.
Assess the situation
Are you able to use the property? You need to decide if there is a reason to hold on to the property. If it is just sitting idle and neglected, chances are you are losing money every day. In many cases there are multiple owners as well so everyone listed on the deed needs to agree on what to do with the house. This is important because an inherited property should not be the source of a prolonged argument.
When you make the decision to sell, there are still several things that need to be done. First and foremost it is advisable to clean out the house as soon as possible. You also need to determine if anything needs to be fixed immediately, if it needs to be professionally cleaned and you need to determine any upfront costs that may come with listing the house with a realtor on MLS.
Ways to Sell Your Inherited House in Maryland
Use a Realtor
Listing with a realtor on the MLS in Maryland will likely be the most expensive route. You will need to account for repair costs, marketing costs, realtor fees and closing costs.
Sell For Sale By Owner
If you sell the house FSBO, you will still likely need to spend money on repairs and marketing. You will save money on realtor fees, but it is also much more difficult and time consuming to sell for sale by owner. There is no guarantee that the house will attract enough buyers since FSBO often doesn’t have the same reach as selling via real estate agent.
Sell To An Investor
Selling an inherited house in Maryland to an investor, such as Brad Buys Houses, will be the most cost effective option. By selling to an investor, you are saving on real estate commissions, agent fees, marketing fees and closing costs. Plus you won’t spend a dime on repairs since you are selling as-is. Most importantly, an investor will make a cash offer and set a solid closing date. If you know exactly when you will receive the cash for your inherited property and the amount, there is no guesswork. It’s all about peace of mind and closure.
Ultimately, a family facing the loss of a loved one needs to make critical decisions about the estate. If there is a property involved, review your options and choose what’s best for you and your family.
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