We are homebuyers who purchase houses in Pikesville, Maryland. It is not uncommon for people to inherit real estate property that they do not want. If someone close to you dies, they may leave their property to you. This could mean that you have to pay for things like upkeep, taxes, and fees.
What can be done in this situation? You don’t want to keep the property but you don’t really want to sell it either.
Here's What You Can Do With Unwanted Inherited Property in Pikesville MD
Figure Out if You Need to Go Through Probate
The first thing you’ll need to do is figure out if the property will have to go through probate. This depends on how it’s currently deeded. After that, investigate the local and state laws concerning selling inherited property. If you’ve already completed probate, you might have to do more in the county or state where the property is located. This is especially true if it’s different from where you live. Doing this will give you full legal rights to the property.
Consider Renting Your Inherited Property
If you are given commercial property as an inheritance, and you do not own a business or have plans to start one, you could also rent out this property! Many business owners in Pikesville are looking for a new place to operate, especially if the property is in a great location with a lot of foot traffic. These types of properties typically have a pretty good return.
Not everyone wants to own rental property. There is a lot of responsibility with being a landlord is a lot of responsibility, and things can go wrong. For example, you might have to repair broken appliances, the roof, driveways, or other parts of the property. You also have to pay annual taxes and fees to the homeowner or property owner’s association. Plus, you need to find new tenants when people move out.
Sell Your Unwanted Inherited House in Maryland
Make sure you have a clear understanding of what fair market value vs assessed value is, that way you won’t be surprised when you’re told the price. Potential cash buyers who are able to close on a property quickly may offer you a lower than average price for the home. This is because they save on real estate fees and commissions in the long term, and often times will pay for the closing costs.
Donate or Give Away the Inherited House You Don't Want
If you do not want the property that you did not purchase, you could donate it to a charity or the municipality in which it is located. Touch base with the future beneficiary to find out how they want to handle the donation. Another option is to pass the ownership of the property down to a relative or close friend. In some cases, you may have to go through a probate process in order to complete the donation or transfer of ownership.
Sell My House in Pikesville MD
Our company buys houses in Pikesville, MD for cash. We work with homeowners in any situation and can answer any questions you have about selling your home. We will simplify the process so you can sell your house in Maryland fast and move on with your life.