Last updated on March 6th, 2019
If you’ve inherited a home and you’re thinking about selling, you may be wondering if there’s a holding period before you’re able to sell your inherited home. In this quick article, we’ll answer this question and give you a better understanding of what your options are.
If you’re wondering, “Is there a holding period before selling my inherited home?” it’s a great and important question and there’s a few things you should be aware of to answer it…
Is there a holding period before you can sell your inherited home?
Probate vs. Inheritance
Generally, an inherited property is what you receive when a family member passes away and leaves a home or estate to you. Probate is a step in the process of receiving your inheritance – the step where you prove the will of the deceased and make sure the proper heirs receive their inheritance.
If someone leaves you a home and that home is in probate for example, you may be able to sell the home while the will is still in the process of being proven, even if other heirs are contesting the will.
Do keep in mind, if the probate process is complete on the inherited home, then you’ll be able to sell it immediately. You’ll still need to deal with family members who may not want to sell though.
The Holding Period
With homes that are inherited, there is a holding period but this doesn’t mean you’re not able to sell. The term ‘holding period’ is simply referring to how you’ll be taxed on the home. And this will depend on when the deceased passed.
Since each situation is unique and different it would be advisable to speak with an accountant to verify you won’t run into problems selling the property and how much you’ll be impacted (tax wise) by the holding period.
Other Factors to Consider
Although you’re not likely to run into problems selling your inherited home, do be aware there are other possible ‘holdings’ that could make it more challenging to sell – such as if the house still has a mortgage, owed taxes or has liens against it.
In most cases these additional holdings aren’t an issue and can be sorted out so it shouldn’t impact your ability to sell the home.
So if you’re wondering: “is there a holding period before I can sell my home?” Then the good news is you likely won’t need to wait to sell. Just make sure to take care of any other obstacles that may be in the way first and be aware of how you will be affected tax wise should you end up selling.
In today’s day and age, selling an inherited home has become as simple as being able to do it from your phone. Real estate investment companies have begun utilizing modern day technology to help sellers like you, avoid the hassle and stress often associated with listing a home and hiring a real estate agent. This dramatically simplifies the sales process so you can get back to your life and not have to worry about the home.
To sell your home quickly, give us a call. We can offer you a fair, all cash offer to buy your inherited home as-is without any added stress so you too can just get it done with while netting the best price for it.
We look forward to speaking with you!