Have you recently inherited a house in Baltimore? The process can seem overwhelming and confusing, especially if you are not fully prepared for it. In this post, we offer 5 things that you need to know about probate and the Baltimore real estate you have inherited.
Going through the probate process typically means that you have lost someone you love. By preparing ahead of time and having a plan in place ahead of time, you’ll be able to focus on your loved one rather than trying to figure everything out when your emotions are running high. Keeping reading to learn more about the probate process, what to expect, and what you can do to make the process go as smoothly as possible!
1. What Is Probate?
Probate is the process in which a deceased person’s property is properly distributed under the laws of intestacy or by a will that was left behind. The executor (or personal representative in Maryland), is the person in charge of handling matters, will need to resolve all claims against the estate and distribute any property left behind by the deceased. This person will be the go-to if the heirs have agreed to sell the house. The entire process, including the sale of the home, is court-supervised. That said, just because you are the executor/personal representative, doesn’t mean you can just go out and sell the home. The court must approve the sale to ensure it is the best way to handle the property and that there is nothing to contest the sale.
2. The Probate Process takes Time
The probate process isn’t known for its speed or convenience. For many heirs, the process can be grueling and time-consuming. A situation that is already painful and difficult can become even more so when it is drawn out. You will want to make sure that you and your fellow heirs are on the same page to avoid any disagreements in the process. Between the legal waiting periods, and disagreements between family members, the probate process can become incredibly drawn out. When you are able to establish an agreement beforehand, the process will be much easier when it is actually time to get things done. Once a person dies, it is important to file for probate as quickly as possible. Not doing so will increase the costs of holding the home longer than you anticipated.
3. It’s a Lot of Work
When you are appointed as the executor/personal representative of an estate, you’ll have to spend some time getting everything in order. You’ll need to trace down all debts as well as any assets owned by the deceased. You’ll need to communicate with other next of kin, keeping everything in order throughout the entire process. For some people, a fast sale to a professional buyer will make the selling process much easier, thus allowing you time to focus on other things.
4. Holding onto Real Estate will Cost YOU Money
If you own a home or have owned one in the past, you’ll know that just owning the property is costing you money. Between the utility bills, cleaning, maintenance, insurance, and taxes, you could be looking at a lot of money out the door each and every month. If you aren’t sure what you want to do with the property, remind yourself what it is costing you each month to determine if it is really worth keeping. If you are the only one paying the bills, you may want to think about selling sooner than later.
5. Listing with an Agent is Expensive
If you have never worked with an agent to sell a house in Baltimore, you may not know exactly how the process works. First, the house will need to be repaired to be competitive with others on the market. You’ll need to clean and stage it in order to attract as many potential buyers as possible. While you are waiting for it to sell, you or the estate will have to cover the taxes, utility bills, and insurance. When you use a real estate agent to sell your inherited house in Baltimore, you will also have to pay them a hefty commission when the house sells. The time and money spent on listing an inherited house in Baltimore is often not worth it.
A direct sale will save you time and money. By selling your house directly and avoiding the MLS, you will be able to skip the repairs, showings, cleaning, commissions, closing costs, and the waiting! You will save thousands of dollars on the holding costs alone. Selling a house you inherited in Baltimore does not have to be complicated. Working with Maryland Home Buyers will save you time, money, and make a difficult process that much easier.
Dealing with probate isn’t fun for anyone. At Maryland Home Buyers, we can help you with that unwanted real estate you would rather sell quickly than hold onto. We are happy to answer any questions you have about real estate and the probate process in Baltimore. There is never any obligation.