After facing the loss of a loved one who didn’t have a will, you now have to deal with the probate process. In order to sell a property in probate means dealing with long drawn out proceedings, especially with larger estates.
It can be costly to go through, so you want to avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. The Executor (or Personal Representative) may need to liquidate the real estate, leading to the probate court distributing the funds evenly among the beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Baltimore.
Certain aspects of real estate law are common among all jurisdictions. For a valid sale, you’ll want to ensure that you carefully follow all of the legalities for selling your probate property in Baltimore.
How To Sell a Probate Property in Baltimore
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Baltimore.
Once you’ve obtained a certified appraisal, you’ll next want to proceed by filing a petition with the court in order to sell the probate property in Baltimore. While filling out the petition, be certain that the information includes any pertinent information about the property along with the method that will be used to complete the sale, whether it will be an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale of the real estate.
Offers for the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Baltimore, you’ll want to make certain to disclose to your potential buyer that the probate court’s confirmation of the transaction is required before you can accept, making their offer conditional.
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date. Covid-19 delays are also a possibility. Be sure to visit the Maryland Office of The Register of Wills for more local information on the process.
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Because the ultimate goal of the sale of a probate property in Baltimore is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Now you will need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses. Bids typically increase by $500 at a time.
Refund of the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund your original buyer their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them will be applied to the purchase price.
Finally, you can now close on the contract for your probate property in [markte_city]. Be certain that all of the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.
Be sure to check out our previous blog post on the 5 Things to be Aware of When Dealing with a Probate Property for additional information on selling your house in probate.
We’re here to assist you during this difficult time and make the process as easy as possible for you. Call or visit Maryland Home Buyers today at (410) 657-2523 to sell a probate property in Baltimore.