If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
Great question. There are a few things you should know in order to answer the question…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, an inherited property is what you get when someone passes away and leaves you their property. Probate is a stage along the way – it’s the step of proving the will and making sure that the right heir gets the right inherited property. Or sometimes, it might be several heirs. Probate is the step that sorts and figures this all out.
Therefore, for many people going through the probate process is the first step in getting to a point where you can put the property up for sale. It may be a bit tedious but unfortunately a necessary step.
The good news is that if the probate process is complete, then yes, nothing would be in the way of getting the property sold because it is now fully yours to do with as you please! You can list it with an agent, sell it yourself if you know of someone looking to buy it, or sell to a company like ours that buy inherited properties with CASH and in a timeline that suits your needs!
There Is A Holding Period (But Not What You Think)
There is a holding period with inherited homes but the holding period doesn’t mean you can’t sell… it’s simply a term used to describe how you will be taxed on the property – and it depends on when the deceased passed away.
Therefore, in many cases it wont prevent you from being able to sell your house, but a good recommendation would be to talk to your accountant to see how much tax you would need to pay. You don’t want to get to the point of finding a buyer and getting to closing only to find out that you are expected to pay a lot more in taxes than you thought! Yikes!
There May Be Other Factors
While there isn’t likely going to be a holding period on the inherited house itself that will prevent you from selling it, you should be aware that there could be other holding periods that will make it more challenging to sell – one being if the house still has a mortgage or other lien tied to it . Most times these potential issues can get sorted out, and in the long run won’t prevent you from getting your inherited house sold.
So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. Just be aware that there might be other factors that might delay the sale, not stop it, just delay it
If you are ready to sell your inherited house, please give us a call!! We buy inherited houses and will give you a CASH offer. We will also buy it in as-is condition so you don’t have to make any repairs to it!!