Are you thinking about selling your inherited property? If so, this article is for you. Let’s take a look at how soon you can get the house on the market and answer that question that’s been nagging you: “Is there a holding period before selling my inherited home?”
If you’ve recently inherited a property, you know that there’s a lot to consider as you figure out what you want to do with it. It’s important to know what all of your options are. For instance, maybe holding onto the property seems like a bit too much responsibility right now, so you’ve begun looking for alternatives. Selling the house is probably one of the first things that popped into your mind…but you might not be sure how or when you can do that.
Maybe you’re wondering, “Is there a holding period before selling my inherited home?” That’s a great question. Let’s take a look at a few things that will help you find out.
Is There A Holding Period Before Selling My Inherited Home?
Are You Still Going Through the Probate Process?
Typically, property inheritance occurs when someone passes away and includes your name in their will as the rightful inheritor of, you guessed it, their property. Before the will can be acted upon, you have to go through a probate period, which is a court-supervised process that proves the will, making sure that the right heir gets the right property.
That said, if you’re the inheritor of a house that’s currently in probate, you might not be able to sell it right away. Since the will is still in the process of being proved, and since there might be other heirs contesting the will, you’ll probably need to wait before selling the inherited home.
On the other hand, you’ve already gone through probate and you fully own the inherited house, then you shouldn’t have to worry about a holding period.
There Is a Holding Period (But You Can Still Sell)
Inherited homes can have holding periods, but that doesn’t always mean you can’t sell. It’s really just a term that describes how you’ll be taxed on the property, depending on when the deceased individual passed away.
In most cases, you can still sell the inherited property during this holding period, but you should double check with an accountant to see how it will impact how much you have to pay in taxes.
Keep an Eye Out for Other Factors
While a holding period on an inherited house probably won’t prevent you from putting it on the market, other holding periods could make it harder to sell (for instance, if the house you inherited still has a mortgage), but in the long run you should still be able to sell.
So, next time you catch yourself wondering, “Is there a holding period before selling my inherited home?” remember what we covered here. Even if you do have to deal with a holding period, you can probably get the selling process going right away – just make sure you’re aware of any other factors that might impact how you’re taxed or that might interrupt or delay the sale.
If you’re ready to sell right away, make sure you give us a call! We’ll give you a great cash offer to buy your inherited house as it currently stands.