When a loved one passes and leaves you with a property, it might be a meaningful gesture, but an inherited property isn’t always convenient to own. If you’ve inherited a property and you’re thinking about selling it, you may have questions. You may also have more options than you realize. Read this article to find answers and clarification around selling inherited house in the Washington, DC, Maryland and Virginia metro area.
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 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.
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 Factors
While 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 Agent
Once 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 Ahead
Most 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?
It’s stressful if you have to decide these things as they come up. But if you’ve already thought about them ahead of time, you’ll eliminate a lot of stress.
No Stress Trick #2 Become Informed
Do you know what the process is to sell? Do you know how long it will take? Do you know how much it will cost you? Is it even a good time to sell? Who is buying right now? Do some research ahead of time and ask these questions to get information about associated costs and market conditions. The more information you have, the better.
No Stress Trick #3 Get Consensus
If multiple heirs own the inherited property, you’ll want to gather your research and then talk to each heir to get a consensus. Nothing is worse than starting the listing process and trying to sell your property only to be stopped in your tracks by an heir who wants to go in a different direction with the property.
There’s nothing wrong with selling through a real estate agent but you should be aware that even using these no stress tricks won’t solve all the issues you may encounter. An agent may have you fix up the inherited property first. Then there are closing fees and the hefty agent commission you’ll have to pay afterward. Plus, this route can take months, so some people don’t like how long it takes.
You might be surprised to learn that selling inherited house through a real estate agent is not your only option. Other options you may want to consider include:
One option, which is a type of selling, is to refinance the property with a bank and use that money for other things. Although you’ll still own the house, this is a financial option that some people might consider if they are selling in order to get the money.
You can still use the house, or rent it out, and you’ll need to pay back the loan to the bank, but it’s one option to consider.
Rent To Own
Another option is to sell the house over the long-term to a tenant. Typically, these are tenants who can’t get a mortgage but want to own a house. They’ll pay you rent and over time they’ll be able to buy the house. The way this situation works is tenants either pay you an additional amount over and above their rent that goes toward the purchase of the property, or the tenants wait until their credit is cleaned up to purchase the house with a mortgage.
Sell Fast For Cash
You can skip a lot of the legwork and hassle by selling directly to a house buyer. A house buying company such as Express Homebuyers is the simplest, fastest way to put cash in your pocket. We buy houses fast, for cash, and in as-is condition. Because we’ve been in business since 2003 and have purchased more than 2,000 houses from owners just like you, we’re experts at dealing with any of the challenges around titles, liens, multiple heirs, etc.
And unlike working with a real estate agent, waiting months and hoping they can find a buyer, when you sell to a house-buying company, you can sell the house as-is for cash, in as few as seven days. It’s fast, simple, and doesn’t require any work on your part.
Call us today at (877) 804-5252 to get a no-obligation offer on your inherited house.