7 Options for Selling Inherited Property in Maryland

When inheriting property in Maryland, the responsibility of deciding the best way to sell can be overwhelming. Particularly if you need to sell property that’s in bad condition AS-IS.

Fortunately, regardless of the condition your inherited property, there are multiple selling options to consider. And each way to sell comes with its own pros and cons. 

Here we outline some of the best options for selling an inherited house in Maryland:

Ways to sell inherited maryland home
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Disclaimer: This blog post and website provides general information on Maryland real estate. Maryland Estates, LLC, doing business as Creo Home Buyers, and its authors are not liable for the accuracy or use of this information; consult with a trusted real estate professional or attorney for guidance regarding your unique selling situation.

4 Options for Selling Inherited Property in Good Condition

If you’re selling inherited property that’s in good condition and you can wait to get full market value for your home, consider one of the best selling options listed in this section.

1. List with a Real Estate Agent

Choosing an agent to sell your inherited house is one of the most common option heirs choose. Agents experienced with selling inherited properties know how to handle marketing, find the right real estate buyers, and help you sell for top dollar. 

Using a Realtor to list inherited property is often considered to be stress-free. Unfortunately, this is rarely the case. Inherited property sales are stressful on their own. When adding a listing agent and buyers agents to the mix, these sales can become more frustrating. 

Often the biggest hurdle for heirs who are selling is preparing the house for sale. A major expense of selling preparation includes completing repairs both before you list and after.

Most buyers, in the course of a real estate transaction, find something wrong during a formal inspection. So be prepared to complete additional repairs once a potential buyer’s inspection is completed.

2. Sell to Family Members

Selling to family members is another option if the inherited home is in good condition.

For one, you won’t need to invest any time or money on finding an inherited property buyer. Money saved on marketing and commissions means heirs could sell for a little less than market value. Thus, allowing you to cut a deal for your loved one while still walking away with the same amount after the sale as listing with an agent would net.

This can be a bonus if you are able to sell below market value due to the amount of equity on your inherited home. 

It’s important to remember, when you decide to sell your inherited property to close relatives, emotions can complicate the process of selling. While selling this way keeps the inherited property in the family, you may feel pressure to sell far below the true value of the property, 

It’s just something to consider before selling an inherited house to close members of the family. Some heirs choose to avoid the complications of selling a house to family by hiring a real estate agent or selling directly to a cash buyer. 

3. Sell via Lease-to-Own

Opting for a lease-to-own arrangement allows potential buyers to rent the inherited property with the option to buy it later. This can be beneficial if the market conditions are not favorable for pricing an inherited property for an immediate sale.

Offering lease-to-own is like casting a wider net for potential buyers. It’s beneficial for buyers who might struggle to obtain traditional financing. This selling option allows buyers to agree to pay a certain price in the future. The buyer typically places a non-refundable deposit down which secures their option to buy by an agreed upon date.

During their lease, the buyer is responsible for general upkeep on the home. Additionally, a portion of their monthly payment is set aside to go towards owning the home.

It’s a flexible arrangement, securing a committed buyer while giving tenants the chance to settle in before making a big commitment. This option of selling a property is often appealing for heirs who want to save on Maryland capital gains tax due to the delayed property sale.

4. Offer Seller Financing

Seller financing involves the owner providing credit to the inherited property buyer so they can purchase the home. This option allows you to sell on terms, potentially netting far more than the market value of your inherited property.

Acting as the lender makes your property appealing to a broader range of potential buyers. Though, this selling option of sale by owner is not without drawbacks such as understanding property taxes. You’ll have to be screen the buyer and do a background check. Since you’ll be the one issuing the credit, you’ll also be on the hook for foreclosing on the buyers if they fail to pay. 

Not to mention the cost of having to formally evict your tenants. What if your lease-to-own tenants decide to destroy your property they vacate? You can try to sue them, but without proper property insurance, odds are you’ll still be stuck covering the cost of repairs after they move out.

If everything goes according to plan, this option allows you to unload an inherited house fast while also avoiding some of the traditional tax implications of selling in Maryland.

3 Options for a Quick Profit from Inherited MD Property AS-IS

If you’d rather skip making required repairs on your inherited Maryland home or need to sell fast, consider one of the options for selling AS-IS listed below.

1. Sell it at Real Estate Auction

When trying to figure out how to sell inherited Baltimore property or another Maryland city, consider listing with an auction house.

An alternative option is to offer your inherited property for sale at an auction. A Maryland real estate auction allows interested buyers the chance to bid on the property. This can be a quick way to sell the property, but the proceeds from the sale may vary depending on the your home’s condition and market demand.

Auctions are like fast-paced dramas—they create urgency for quick sales. Bidders compete, driving up prices, which is fantastic, especially when you want to sell your inherited home fast or the property is need of major repairs.

2. Sell to Cash Buyers or Investors

An efficient way to sell an inherited property is to sell directly to Maryland cash home buyers or investors. It’s surprisingly easy to sell your house fast in Maryland to local investors AS-IS.

Selling to a local We Buy Houses company is like a shortcut. You can skip traditional selling hassles like formal inspections and financing contingencies. Get straight to the closing line of the real estate transaction and sell your house quickly and easily to local cash house investors.

For quick AS-IS sales or Maryland homes that need some TLC, the benefits of selling to investors are many. However, you will likely need to sell the inherited property for less than fair market value in exchange for a quick guaranteed home sale. 

3. Not Ready to Sell? Consider Rent-to-Own

If selling the property immediately is not a viable option, consider a rent-to-own agreement. This allows for profit from rental income today, allowing you the option to rent now and sell the house later.

When selling isn’t on your immediate to-do list, offering the inherited house up for rent-to-own can be enticing. This option generates income, and tenants get to live with the option to buy later—a win-win, unless it isn’t…

You may face challenges if the tenant decides not to purchase the property after the rental period. Additionally, the agreed-upon purchase price might be subject to negotiations at the end of the rental agreement. So keep this in mind if you decide to wait to sell property in Maryland that’s been inherited.

Ready to Sell Now? Get a Cash Offer from Creo Home Buyers

There are many things that happen when you inherit property in Maryland. Once it’s time to decide to sell, many choose selling for cash directly to inherited property buyers.

For those looking to sell their inherited Maryland property quickly, getting a cash offer from Creo Home Buyers can provide a seamless and efficient sale process.

For a quick, hassle-free sale, Creo Home Buyers are your go-to cash home buyers in Maryland. We offer cash without the listing or traditional selling complexities.

Getting a cash offer from Creo Home Buyers gives you the option for a straightforward sale of an inherited house in MD.

FAQs of Heirs Wanting to Sell an Inherited Home in Maryland

Can inherited property in Maryland be sold directly to an end buyer?

Yes, inherited property in Maryland can be sold directly to an end buyer. However, you may need to go through the probate process before selling an inherited house. You can find a cash home buyer through various selling options such as listing with a real estate agent, selling at auction, or approaching cash buyers or investors directly. 

How does the probate process in Maryland affect the sale of inherited property?

The probate process in Maryland can add complexity and potential delays to the sale process. Consulting with a real estate or probate professional can help you navigate the process when you inherit a property in Maryland.

What restrictions are there for selling inherited Maryland property?

Restrictions on selling inherited Maryland property depend on factors such as whether the property needs to go through probate, if there are tax implications of selling, or creditors that need to be paid. When inheriting a house, a probate attorney can help you understand any restrictions for your particular inherited property situation.

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