Legal Question in Real Estate Law in Maryland
Estate home
Interested in purchasing ahome in estate. Needs repairs. Home 28yrs old. On 2 acres. On market 280 days. Told to make an offer. Want to expand the home. Before making an offer will have a contractor out to give estimate on renovation cost. Asking cost is $395,000.
What do I need to know about estate property and making a good offer? Should I offer half of asking price?
2 Answers from Attorneys
Re: Estate home
The only significant thing about it being the property of an estate is that the beneficiaries are probably eager to sell it so they can get their inheritance, especially since it's been on the market for so long. If you are working with a realtor, he/she ought to be able to give you some guidance as to what would be an acceptable offer. Since you're renovating, you want to try and avoid "outbuilding" the neighborhood, so you'll have to factor in your renovation costs first.
Re: Estate home
Purchasing real estate through an estate is essentially the same as purchasing it from a living person. If you want to purchase the property you should make an accepted offer.
Various aspects apply to appraising property. Consider having the property appraised.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
