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 before you can answer it…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
An inherited property is one you get when someone, usually related to you, passes away and leaves the property to you. Probate is less simple, and is a part of the inheritance process. It is the step where lawyers prove the will and ensure that the correct heir inherits the correct property. This sounds easy, and in many cases it is, but in cases with several divorces and children, things can get messy quickly.
If someone leaves you a house, and the house is in probate, you probably will have to wait until the probate process is complete. This is because the will is still being proved and other heirs may be contesting the will.
However, if the probate process is complete, and they verify that you fully own the house, you can usually sell it immediately. In real estate, there are exceptions to most rules, so talk to your attorney first, but you should be good to go!
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. “Holding Period” is simply a term used to describe how you will be taxed on the property. The period depends on when the deceased passed away.
Usually, the holding period has no impact on whether you can sell the property, but always speak with an accountant to see if the holding period will affect how much tax you will pay.
There May Be Other Factors
Usually there isn’t a holding period that will prevent you from selling the inherited house. However, there often are other issues that can delay a sale. These are mortgages, liens, and unclear title. Usually these are easy to resolve, you just need a title attorney, or to work with a buyer who is familiar with these things.
Moral of the story, if you inherited a house and are thinking about selling it, and were wondering, “Is there a holding period before selling my inherited home?”, the good news is you are free to do what you want unless it is in probate. However, there could be tax implications or title issues, so make sure you speak with an attorney and accountant before you sell.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is. We are used to dealing with these situations so we can help you figure out what you need to do to sell, and can even refer you to a great real estate accountant or attorney if you need legal/tax advice.