If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?”
We buy houses in Los Angeles California and as local homebuyers in Southern California, we have prepared this article to answer that question. You might be surprised at what you will learn.
Is There A Holding Period Before Selling My Inherited Home In Los Angeles California?
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.
However, if probate is complete and you fully own the inherited house, then you can likely sell without 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 your house in Southern California. 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.
California Probate Attorney Summary For Selling House
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.
Sell My House In Los Angeles CA
So, if you inherited a house and you 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 an inherited property as quickly as possible, give us a call! We are professional Los Angeles CA home buyers and we’ll give you a fair, fast all-cash offer to buy your inherited house as-is.