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Is There A Holding Period Before Selling My Inherited Home? – Worcester

If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” This article will answer that question and you might be surprised at what you learn…

If you have inherited property, you may wonder if you can sell it now or have to wait for a period of time. The answer will depend on whether or not there was a will that designates you as the heir to said property or if you have to go through probate to get it done.

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

Inheritance VS Probate

Inheritance means the person who died has left you the property in their will. Probate is one step to proving the will is legit and that you are the rightful heir to the named property. If the property is in probate, selling it will not be possible until the process is complete. The will must be proven, and any other heirs could contest the will’s validity.

Once the probate is complete, the home will be yours entirely, allowing you to sell it without a wait involved.

The Holding Period Isn’t What You Would Think

Yes, inherited homes have a holding period, but that doesn’t mean you have to wait to sell them. The term is merely about the taxes on the property. It also depends on when the owner of the property died.

In the majority of cases, you are not prevented from selling it but should speak with an accountant about how much taxes you’ll have to pay for it.

There May Be Other Factors

In most cases, there is not going to be a period of holding for an inherited home that keeps you from selling it. However, there are other holding periods that will make it difficult to be rid of the home. For example, the home may still have a mortgage or other financial obligations. Sort these issues out first before trying to sell a home. In the grand scheme of things, there should be no reason you have to wait to sell the home.

The good news about selling a home you have inherited is that you don’t have to wait a period of time before you can sell it. You can begin the process immediately. Just be mindful that some factors could keep you from selling it right away or could affect how much tax you pay when selling it.

If you want to sell your inherited home quickly, don’t go the traditional real estate route. Instead, reach out to SRS Cash Home Buyers to receive a fair, all-cash, no-obligation offer on your Worcester home. We will buy it as-is; no need to make repairs. Give us a call today at (774) 450-0086 to get the selling process started today!

Ready to sell fast in Worcester? We’re ready to make you an offer right away. Just click this link and fill out the form or call our office at (774) 450-0086.

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