If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” Do I need to hold onto it for an extended amunt of time? This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a property, you might now be wondering what to do with that property. And if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling 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, 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. This may take some time to get resolved depending on heirs, attorney processes, etc.
However, if probate is complete and you fully own the inherited house, then you can likely sell without waiting. If that is the Case, give us a call right away. We will go over all your selling options.
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 are Inheritence taxes when you sell an Inherited property. Most people don’t understand this, but when dealing with TriState Properties we are open and upfront about every detail of the selling process, in any situation.
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. All mortgages are actually liens on a property, so when you sell your home to Cash Buyers like us, the mortgage is taken directly out of your proceeds and paid in Full at settlement to the Mortgage company. No worries, No Hassle, we take care of everything. We call the mortgage company and get the correct payoff before settlement.
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 at TriState Properties we are experts in every situation. We deal with Probate or Inherited properties very frequently and can assist you in any stage. We even can help sellers get through Probate so that as soon as that’s done they can go to settlement on there property.
Here’s a fast solution for you: If you want to sell your inherited house as quickly as possible to Philadelphia’s most reputable CASH Homebuyer, give us a call! We’ll give you a fair, fast all-cash offer to buy your inherited house as-is.