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A Holding Period Before Selling An Inherited Home? – 54301

Have you ever thought about selling a property that you have inherited? You may or may not have wondered- “Is there a holding period before I can sell my inherited property?” Let us give you that answer today!

So you have inherited a property and now you are wondering what options you may have when it come to selling the property. If you are thinking about selling it, you will need to ask yourself- Are there holding restriction on inherited properties?

That is an excellent question! Here are a few highlights on the subject you should know and keep in mind in order to answer the questions above.

Does My Inherited Property Fall Under A Holding Period Before I Can Sell It?

Probate and How Does It Effect My Inherited Property

An inherited property typically comes into possession when someone passes away and the deceased has left you their property. Typically this will be outline in the deceased’s will. Probate is one of the stepping blocks along the way to transferring the property into your possession. During the probate process the will is looked at and proved. This is when it is decided that the correct inheritance is going to the correct heir.

During the probate stage you may not be able to sell the property right away because the will is still being proved and there may be other heirs that are contesting the will.

When the process of probate is completed and you fully own the inherited property, then you can likely sell the property without having any waiting period.

Reasons Why You May Have A Holding Period 

There can be a holding period on your inherit properties but this holding period does not necessarily mean that you cannot sell the property… it’s simply a term used to describe how you will be taxed on the property – this is dependent on when the deceased passed away.

In most cases, this holding period will not prevent you from selling the property but you it would be a smart choice speak to an accountant or legal professional to see how the holding period will impact how much taxes you end up paying.

Other Factors To Know About

While there more than likely won’t to be a holding period on the inherited property that will prevent you from selling it, you should also be aware that there could be additional holding periods that may make it more challenging to sell the property– these would be if  a mortgage/ some other loan obligation or lien against the property exists. In majority of cases, these can be quickly figured out and overall shouldn’t keep you from being able to sell the property in the long term.

If you have inherited a property and are now thinking about selling it, and you wondered, “Is there a holding period before I can sell my inherited property?” then the great news for you is: You probably will not have to wait to sell and you can get the selling process going right away. The thing to be aware of is that there are other factors that may delay an immediate sale of the property, or could impact the amount of taxes you’ll have to pay when you sell the property.

Here’s a fast and easiest 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.

Ready to sell fast in Green Bay? We’re ready to make you an offer right away. Just click this link and fill out the form or call our office at (920) 360-1252.

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