Is There A Holding Period Before Selling My Inherited Home?If you’re thinking about selling your inherited property, you might be wonder, “Is there a holding period before selling my inherited home?” Great question. Here are a few things you should know in order to answer the question.Probate Versus InheritanceIn 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.Therefore, if someone leaves you a home and the house is in probate, you might not be able to sell it right away because the will is still being proved and there could be other heirs contesting the will.However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting.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.However, in most cases, the holding period won’t prevent you from selling the property but you should talk to an accountant to see if the holding period will impact how much tax you pay.There May Be Other FactorsWhile there isn’t likely going to be a holding period on the inherited house itself to prevent you from selling it, be aware there could be other holding periods that will make it more challenging to sell – such as if the house still has a mortgage or some other obligation. But in many cases, these issues can be sorted out and shouldn’t keep you from selling.So, if you inherited a house and are now thinking about selling it, and you’re wondering, “Is there a holding period before selling my inherited home?” the good news is you probably don’t have to wait to sell. You can get that process going right away. However, take note of other factors that may delay the sale or impact the tax you’ll have to pay when 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 at (877) 804-5252! We’ll give you a fair, fast, all-cash offer to buy your inherited house as-is.
Using a Real Estate AgentOnce you’ve resolved the issue of whether you can sell the house, you might then think about enlisting the help of a real estate agent. Selling a house can be frustrating, time-consuming, and even expensive. And if it’s an inherited house, it can be even worse!Here are three no stress tricks for preparing to sell an inherited property in the DMV so you can sell it easily, with no hassle.No Stress Trick #1 Plan AheadMost people who sell a house just decide to sell without thinking through what that process looks like. It’s helpful to consider these questions.
- Do you have a budget for the ongoing expenses and any repairs needed?
- What if repairs take a long time?
- What if the listing takes a long time?
- What contingencies do you have if the real estate agent can’t find a buyer?