If you have recently inherited a property in Rhode Island and would like to sell it, you may be wondering what the process looks like. Selling a probate (inherited) property can be a complex and challenging process, but with the right knowledge and guidance, it can be done successfully. If you inherited a probate property in Rhode Island, you are probably experiencing some level of grief and or stress about more than just the property…contact us at Home Tree and we can help get you started in the right direction. In this post, I will cover five things you need to know about selling a probate property in Rhode Island and how Matt at Home Tree LLC can help make the process easier for you.
1. Understanding Probate
Probate is a legal process which takes place after someone has passed away and their property is transferred to their heirs. Most often in Rhode Island you will hear of a probate property referred to as an inherited property. If the person who passed away left a will, the probate court will distribute the property according to their wishes. If no will has been created (intestate), the court will distribute the property according to state law. During the probate process, the court will appoint an executor to manage the estate and oversee the distribution of assets. If no executor has been named in the will, or if there is no will, the court most often appoints a local attorney to be the executor.
2. The Role of the Executor
If you are the executor of the estate, it is your responsibility to manage the property and ensure that it is sold or cared for according to the wishes of the inheritor. You will need to obtain the necessary paperwork from the court, including letters of testamentary, which will allow you to act on behalf of the estate. You will also need to hire a real estate agent to help you sell the property. It is important to choose an agent who has experience selling probate properties, as they will be familiar with the unique challenges of this type of sale. In some cases, it can be simpler to sell the house directly if there are needed repairs, multiple heirs, or people living in the home.
The executor will have to take an inventory of the deceased person’s assets and have them appraised so as to properly value them. Further, the executor is ultimately responsible for paying any debts owed by the deceased, filing final tax returns, distributing assets accordingly, and ultimately petition the court to close the estate. I highly advise seeking the help of a local probate attorney for managing the administrative and legal work that must take place for a smooth transition.
3. Valuing the Property
Before you can sell the probate property with an agent, you will need to have it appraised to determine its value. The appraiser will look at factors such as the size and condition of the property, as well as the location and recent sales of similar properties in the area. It is important to obtain an accurate appraisal, as this will help you set a fair asking price for the property.
Selling directly or fielding cash offers can eliminate the need for having an appraisal done on an inherited property in Rhode Island. This is because a cash offer can be made for the property in “as-is” condition, thereby eliminating the need to pay for an appraiser. At Home Tree LLC we make cash offers for Rhode Island homes in all sorts of conditions, I have personally worked with several probate properties in Rhode Island and would be happy to make the process of selling your inherited property as simple as possible.
4. Disclosing Information
When selling a probate property in Rhode Island, it is extremely important to disclose any known defects or issues with the property. This includes creating a detailed list of things such as water damage, mold, structural issues, or knowledge of lead-based paint. Failure to disclose any known defects can result in legal action being brought against the executor and the estate. Your real estate agent can help you prepare a disclosure statement that outlines any known issues with the property. At Home Tree we buy houses as-is, no matter their condition…furthermore, Matt is a licensed Realtor in Rhode Island and would be happy to walk you through the process of determining the value of your inherited property and get it ready to list. Depending on the goals you have for your Rhode Island probate property, you may find the best route to take is selling it directly (off-market) to an end buyer or investor. This cash offer route eliminates the need for many administrative tasks that come up in the traditional listing method which can save you time and stress.
5. The Sale Process
Once you have an accurate appraisal and have disclosed any known defects, it is time to put the probate property on the market. Your real estate agent will help you list the property and market it to potential buyers. When an offer is received, the executor will need to review and approve it before it can be accepted. Once the offer is accepted, the buyer will typically have a certain amount of time to conduct a home inspection and obtain financing. Once all of the contingencies in the sales contract have been met, the sale can be closed and the property transferred to the new owner.
As you can see from the process above it can be a bit time consuming, stressful, and legally expensive…Therefore at Home Tree LLC we are happy to offer inherited property owners in Rhode Island more methods for selling their probate property. We can present you with a no-obligation cash offer for your inherited property in as little as 24 hours…We will listen to you and take your goals into consideration when we structure our offer…we can also walk you through the valuation process and explain our numbers so you feel comfortable knowing we are fighting for a win-win outcome. Taking on a probate property in Rhode Island can be stressful and add to your already complicated and busy schedule…one call to Matt at Home Tree LLC will help take some of the work off your plate and get you moving forward with your life again.
Selling a probate property in Rhode Island is a complex and time consuming undertaking…however, with the right guidance, it can be done successfully. If you have recently inherited a property and would like to sell it, it is important to work with a real estate agent who has experience with probate sales or a direct buyer who understands the probate process. They can help you navigate the process and ensure that the property is sold in a timely and efficient manner. With the right approach, selling a probate property in Rhode Island can be a smooth and stress-free experience. Reach out to Home Tree today to learn more about how we can help you! 401.684.3937