Are you ready for some juicy details? If you’re considering selling your inherited property, you’re probably asking yourself, “Is there some sort of holding period before I can sell it?” Well, buckle up because this article has the answer and it’s going to blow your mind! You won’t believe what you’re about to learn… So get excited and let’s dive in!
If you’ve been bestowed with a property, I understand the mix of emotions you might be feeling – the sorrow of losing a loved one and the uncertainty of what to do with the property they left behind. But, if you’re contemplating selling it, I can sense the apprehension that’s crept in. The thought that’s gnawing at you – “Do I need to wait before parting with my inherited home?” – it’s only natural to feel this way.
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
My heart goes out to you during this difficult time. I understand that an inherited property is not just a mere piece of real estate, but a symbol of love and memories that the departed has left behind. As you navigate through the process of probate, I know it can be overwhelming and emotionally taxing. But please know that probate is an essential step in ensuring that the wishes of your loved one are honored, and that you, as the rightful heir, receive the property that has been bestowed upon you with love and affection.
My heart aches for you as you navigate through this difficult time. I understand that being left with an inherited property that is still in probate can be a frustrating and uncertain experience. It’s not just about waiting for the legal proceedings to conclude, but the added stress of having other heirs contesting the will, leaving you in limbo. I know the thought of not being able to sell the property right away is causing you distress. But please know that this is a temporary roadblock, and once the probate process is complete, you will have the peace of mind to move forward with the next steps.
Rejoice! The wait is finally over! If probate is complete and you’ve officially taken ownership of your inherited house, then you’re free to sell whenever your heart desires. No more waiting around for endless paperwork and legal processes. It’s time to take action and make the most of your newfound ownership. So get ready to let go of the old and embrace the new. Your future is 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.