Is There A Holding Period Before Selling My Inherited Home? – 22630

If the idea of selling your inherited property has crossed your mind, you may find yourself pondering, “Is there a waiting period before I can sell my inherited home?” This article aims to provide clarity on this question, and you may discover some surprising insights.

Having inherited a property, you might be contemplating the next steps to take with it. If the thought of selling the inherited property is on your mind, you likely have questions about whether a holding period exists before initiating the sale. This article will delve into these considerations, offering answers to the questions and uncovering information that may come as a surprise.

There are a few things you should know in order to answer the question…

Is There A Holding Period Before Selling My Inherited Home

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, this 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 that will prevent you from selling it, you should be aware that 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 can be sorted out and, in the long-term, shouldn’t keep you from selling.

So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period before selling my inherited home?” then here’s the good news: You probably don’t have to wait to sell and you can get that process going right away. However, be aware that there could be other factors that may delay the sale, or that could 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! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.

Additionally….

When dealing with inherited properties, it’s prudent to consider the property’s current status, such as any existing mortgages or obligations. While these factors may not necessarily impose a holding period, they can introduce complexities that require attention. For instance, if the inherited house still carries a mortgage, liaising with the mortgage holder becomes crucial to determine the appropriate course of action. Resolving any outstanding obligations, whether it be mortgage payments or other financial encumbrances, is vital to facilitate a smoother and more expedited selling process. Therefore, it’s recommended to conduct a thorough assessment of the property’s financial aspects and address any outstanding matters to pave the way for a seamless sale.

Ready to talk more about selling fast in Front Royal? We’re ready to make you an offer right away. Just click this link and fill out the form or call/text our office at (540) 212-4047.

Holding Period | Selling Inherited Home | Five15 Properties