If you are reading this, chances are you may have inherited a property and you are wondering, “Is there a holding period before selling my inherited home?” This is exactly what we will cover below for you…
If you are dealing with an inherited property, especially if you are not interested in keeping it, maybe you a pondering “Is there a holding period before selling my inherited home?”
So here are the basics you need to know in such scenario:
Is There A Holding Period Before Selling My Inherited Home
Probate Vs Inheritance
Here is the short version: Probate is just a part of the inheritance process. If you and the other people (if any) who have inherited the property decide to sell it, you will need to file with the probate court in the city where the property is and then it must be figured out who are the rightful new owners of the inherited property. A probate attorney may be involved. After the probate process is over and you fully own the house, then you can sell it right away.
Please note, after it is established who the owners of the inherited property are, you must all get together and decide collectively what to do with the property. Keep it (which one of you will keep it?), rent it out (someone has to deal with this for a very long time – tenants, contracts, property maintenance, taxes), or just sell it and divide the proceeds among the heirs.
It is important to know that you may need to check with an attorney and your accountant to learn about the process and the tax repercussions when deciding the sell an inherited house.
There Is A Holding Period (But It’s Not What You Think)
There is a holding period term associated with an inherited property, but it is not what you may suspect, it simply has to do with the timing of things and how you will be taxed. Please consult your accountant for details. The good news is, you can sell during this “holding period” but you need to check with your accountant regarding the timing and the tax consequences depending of when you would sell.
There May Be Other Factors
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: there is no need to wait, even though there may be some factors such as liens or mortgage that may cause some delays. You can still start the sale process and the rest will be sorted out by the buyer, especially if they are a professional direct house buyer like Coastal Edge Homebuyers.
If you and the others who inherited the house (if any) agree that the best way to go is to sell the house, that will be the fastest way to cash, which is the easiest thing to distribute among people. What if you wanted to rehab and sell the house for top dollar? Sure, you can do that. For a typical 1,500sqft house today (2022) the rehab budget could be $35,000-65,000 and then someone has to pay that upfront or shortly after the contractors are done working. Who is going to organize this? Who is going to manage the rehab projects in real time, for about 2-4 months? Also, if something goes wrong, then the repair money budget will increase to cover the issues, seen or unforeseen, so this can turn into a huge ordeal…
Here is a great solution for you: sell your inherited house as quickly as possible! You will get cash within a couple of weeks, without having to do any cleanup or repairs on the house, just give us a call! We’ll give you a fair, no low-ball cash offer to buy your inherited house as-is.