If you have inherited property and are considering selling it, one of the questions that may be going through your mind is, “Is there a waiting period before I can sell my inherited home?”. This article will provide the answer to that question, and you may be surprised by the information that you find…
If you have recently inherited a property, you may be wondering what you should do with the property at this point. And if you’re considering selling it, the question “Is there a holding period before I can sell my inherited home?” is the one that you’re probably asking yourself.
Great question. There are a few things you should know in order to answer the question…
Is There A Waiting Period Before I Can Put My Inherited Home Up For Sale?
Probate Versus Inheritance
In most cases, the transfer of property from one generation to the next occurs through inheritance. This happens when a loved one passes away and leaves their estate to you. Probate is the process of proving a will and ensuring that the right person inherits the right property at the right time. It is performed at certain stages along the way.
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 proven, and there could be other heirs contesting the will.
On the other hand, if the probate process is finished and you have full ownership of the inherited house, you probably won’t have to wait to sell it.
There Is A Holding Period (But Not What You Think)
When it comes to homes that have been inherited, there is a holding period, but just because you are in the holding period doesn’t mean you can’t sell. It is simply a term that is used to describe how you will be taxed on the property, and it is determined by the date that the deceased person passed away.
However, in most cases, this won’t prevent you from selling the property; however, you should speak with an accountant to determine whether or not the holding period will impact how much tax you pay on the sale of the property.
There Could Be Additional Factors At Play
Although it is unlikely that a holding period on the inherited house itself will prevent you from selling it, you should be aware that there could be other holding periods that will make it more difficult to sell. For example, if the house still has a mortgage or some other obligation, this could make the sale of the house more difficult. However, in most circumstances, these problems can be resolved and, in the long run, should not prevent you from selling your home.
So, if you inherited a home and are considering selling it, and you’re wondering, “Is there a holding period before selling my inherited home?”… The good news is that you probably won’t have to wait long to sell, and you can get the process started right away. But keep in mind that there may be other things that could slow down the sale or change the amount of tax you 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! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.