Selling a probate property in Baltimore can be a daunting task, especially if you are unfamiliar with the process. Thankfully, with the right information and resources, selling probate property in Baltimore is easier than you think.
Should you find yourself in this position and you are facing the possibility of owning an unwanted inherited house in Maryland, read on for information on how to sell a probate property in Baltimore.
Certain elements of this real estate legislation are shared among all legal systems. For a valid house sale, you’ll need to know how probate works want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Baltimore.
In this article, we’ll discuss the steps necessary to successfully and efficiently sell a probate property in Baltimore. You’ll learn about legal requirements, market conditions, available resources and more that can help ensure a smooth and successful sale of your probate property.
What is Probate?
Probate is the legal process of administering a deceased person’s estate. This includes gathering all assets, determining who inherits what, paying any debts and taxes owed by the estate, and then distributing the remaining property according to the terms of the will or intestacy laws.
Steps on How To Sell a Probate Property in Baltimore
Selling a probate property in Baltimore can be a complex process, but with the proper guidance it can be done efficiently. By following the steps below, you’ll be well on your way to successfully selling your probate property in Baltimore.
Find a Certified Maryland Appraiser
The first action you need to take is to find a Maryland-accredited appraiser who works independently. You can search through telephone directories or ask around among probate real estate experts in Baltimore.
Then have them complete an appraisal of the probate property.
File a Petition with the Court
Once you have your certified assessment, you will then want to move forward by lodging an application with the court to sell the probate asset in Baltimore.
Ensure that when you are filing your application, all information regarding the property as well as the way in which it will be sold (e.g. through a bidding process or on the real estate market) is included. Present your request together with your authenticated assessment. On getting confirmation from the court, you may then commence with the sale.
Put the Probate Property Up For Sale
In Baltimore, you now have the opportunity to put your probate estate on the market. Nevertheless, you must inform prospective buyers that the court’s approval of the sale is a prerequisite for anything to be finalized, thus making it a conditional offer.
Have the Probate Court Confirm the Sale
Generally, after you have asked the court for a hearing to approve your sale, you can anticipate postponements on the court timetables that range from 20 to 40 days from the date of filing.
Collect a Deposit from the Buyer
At present, typically the purchaser of the probate property is going to be asked to pay a 10 percent down payment based on the cost of the acquisition.
Advertise the Court Hearing
The aim of selling a probate property in Baltimore is to get the most money possible for the estate, so you should promote the court hearing to everyone by open bidding. This will give any other interested people a chance to take part in buying the real estate, which can help boost the ultimate sale price.
Go to the Court Hearing
You must go to the court session and stay until the absolute auction is over and a cashier’s check has been given for the ultimate cost. Your purchaser will be able to come along with any person from the public who desires to, bids shall increase by $500 each time.
Refunding the Deposit
In the event that another purchaser bids more than your customer in the auction, you should be ready to reimburse their 10 percent down payment. If, however, your initial purchaser stays the highest offer, then the monies you already gathered from them will be put towards the acquisition costs.
Close on the Probate Property
Eventually, you can execute the agreement for your Baltimore real estate in probate. Ensure that the price of the asset is taken care of by the financing. You must also be ready to deposit the full sum into the estate fund.
Sell Your Probate House in Baltimore for Cash
In conclusion, selling your house in Baltimore for cash is a great way to move forward with the probate process and avoid a lot of hassle.
With cash buyers, there is no need to do repairs and you can avoid having to go through the listing process.
Additionally, cash buyers tend to close faster than traditional buyers which allows you to move on with other matters quicker. You can rest assured that you will be getting a fair offer from a local cash buyer who understands the area and market trends.
We’re here to assist you during this difficult time and make the process easy. Call Creo Home Buyers today at (410) 870-9228 or send us a message to sell your probate property and get cash for your Baltimore property.