What to Do With Your Unwanted Inherited Property in Pikesville MD

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.

 
Contact Creo Home Buyers at (410) 870-9228 to discuss selling your unwanted inherited property during probate in Pikesville MD.

Consider Renting Your Inherited Property

If you are left a residential home, either a single-family or multi-family, and do not want to live there, you should think about renting it out. This could provide a nice boost to your finances. You may need to do some repairs or renovations to make it attractive to renters, but over time it will be a great investment as you didn’t have to put any money down for it.
If you’ve inherited a house or multifamily property that already has tenants, congratulations! This will save you the time and money it would take to fix it up and find new renters.
 

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

If you are not interested in living in or using the property in any way, you could sell it. Give us a call at (410) 870-9228 to get an idea of the market value and explore your options for selling your unwanted inherited property. You may want to look into what similar properties are selling for before talking to any real estate buyers or agents.
 

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.

Give Creo Home Buyers a call at (410) 870-9228 or send us a message to discuss what to do with your unwanted inherited property in Maryland.

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