If you have a home that you inherited, you may be wondering, “Is there a time that I have to wait before I can sell this home?”. This article will answer that question and you might be surprised at what you learn…
So, is there a holding period before I can sell my inherited home?
Great question. 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, when people talk about inheriting a home, they are speaking about taking ownership for a property when a relative passes away. Probate is a step in this process. Specifically, probate is the legal process where the will is decided and executed.
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.
If the probate process is completed though, there is likely not a waiting period and you can sell the home right away.
There Is A Holding Period (But Not What You Think)
There is a holding period on inherited homes, but that doesn’t mean that you can’t sell the home. It will just impact how the sale proceeds are taxed.
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 to be a holding period for inherited houses that will actually prevent you from selling the home, there may be other limitations. Mortgages and other liens may prevent you from selling the home immediately. But these can be sorted out and ultimately it will not prevent you from selling the property.
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.