If you are planning on selling your inherited property, you may be thinking, “Is there a waiting time prior to selling my inherited home?” This post should answer that question and you may be amazed at what you will know…
If you receive a property for an inheritance, you may at this time be thinking about what can be done with that property. And if you’re planning on selling it then you’re most likely thinking, “Is there a holding period prior to selling my inherited house?”
Wonderful question. There are some things you should understand for you to answer the question…
Is There A Holding Period Before Selling My Inherited Home
Probate Versus Inheritance
In general, a property given to you by a person who died is an inherited property. Probate is part of the process – it’s the stage of proving the will and making sure that the correct heir gets the right inherited property.
So, if a person gives you a house and the home is in probate, you may not be able to sell it easily because the will must still be validated and check if there would be other heirs who may dispute the will.
Nevertheless, once probate is finished and you’re given complete ownership of the inherited home, then you don’t need to wait anymore in order to sell.
There Is A Holding Period (But Not What You Think)
There is a holding period for inherited houses however, the holding period doesn’t mean you can’t sell… it’s just a phrase used to relate the way you will be taxed on the property – and it is based on when the deceased passed away.
Still, in many cases, this won’t hinder you from selling the parcel but you must speak to an accountant to know if the holding period will affect the amount of tax you will pay.
There May Be Other Factors
While a holding period is not most likely to hinder you from selling the inherited house, you should be mindful that there might be different holding periods that will create more difficulties in selling – like if the house still has a mortgage or some other obligation. But in most cases, these can be figured out and, in the long-term, shouldn’t be a concern for you to sell the property.
So, in case you inherited a home and at the moment is planning on selling it, and in case you’re thinking, “Is there a holding time prior to selling my inherited house?” then here’s the good news: You most likely don’t need to wait to sell and you can get the steps going quickly. Just be mindful that there could be other components that may slow down the sale, or that could affect the tax you’ll have to pay when you sell.
Here’s a quick fix for you: If you like to sell your inherited house as fast as possible, call us! We’ll provide you a fair, quick all-cash option to purchase your inherited house as-is.