A property has no value in itself unless it yields something useful, in one’s lifetime or even when one’s soul exits the body.
In the process of a probate sale, the decedent’s property is divided among the beneficiaries by selling both personal and real property of the decedents estate. The liquidation of the property is administered by the executor, or referred to in Maryland as the Personal Representative of the deceased person’s estate.
The purpose to probate is to liquidate property and assets so as to settle all debts and to distribute excess assets to heirs or beneficiaries.
- Look at only the financial aspect of things: First and foremost, it is important to distance yourself from any emotional attachments that you may have with the property.
- Deciding on renting or selling the real property: The estate must be settled. Therefore, it is up to the beneficiary/beneficiaries to determine how the equity of the property will be divided if one of the beneficiaries decides to keep it and rent it out.
- Knowing the market value of the property: The current market conditions in the locality of the property are a major value-determining factor. True value is what a buyer is willing to pay. Many factors need to be considered during a valuation.
- Making repairs or not: In most cases, probate real estate sales are made for quick cash. Some homes are in great shape while others need major work. The better the condition of the house, the more the value; but you need to know just which repairs are worth the expense.
- Hire a Probate real estate specialist: A fast and valuable response in regards to the sale of the property is unlikely without having an agent or adviser by your side.
Steps to Probate Real Property
Advantages of Selling the Property
When the Personal Representative moves to liquidate the real property, the beneficiaries receive the following advantages from the sale:
- Quick cash by selling of the property
- Saving on the maintenance cost
- The need to continue to pay property taxes, utilities, insurance payments etc is eliminated.
- Eliminates the stress of vandalism and theft on the property
- Generates capital for investment
- Capital becomes available for paying off the mortgage on other properties
Doing it through a probate real estate specialist
Selling the property with the help of a certified probate real estate specialist adds professionalism to the process; here are some of its advantages:
- True value of your property: A certified probate real estate specialist can quickly assess the market value of your property to give you a clearer picture of what to expect in a sale.
- They are the experts: Every person is an expert of his domain and the same can be said for a probate real estate specialist. They can help you determine if repair work would yield a higher sale price and be worth the time, money, effort and resources.
So if you are selling your property, then hire a probate real estate specialist as they possess specialized knowledge of the probate timeline, as well as the probate process, and have experience in probate sales.
For Personal Representatives settling estates in Maryland, a visit to the local county’s Register of Wills office will provide tons of useful information. Find your county’s Register of Wills by visiting the Maryland state website for the Register of Wills at http://registers.maryland.gov/main/