Holding Period Before Selling an Inherited Home: All You Need to Know

Holding Period Before Selling an Inherited Home: All You Need to Know

Do I have to deal with a holding period before selling my inherited home? It is the most common question homeowners ask us. Referring of course, to those who want to sell a property inherited from their parents or relatives. For these situations, the property has to go through a probate process in court. Selling an inherited home is not as easy as other types of properties. With Detroit Cash For Homes on your side, you can remain stress-free, as we are reliable cash home buyers in Livonia.

At Detroit Cash For Homes, we take pride in helping clients who were struggling to sell their properties fast and for a fair cash offer. We understand that dealing with a selling process when you are going through the pain of losing a loved one is hard. Also, a question like “do I have to go through a holding period when selling my inherited home?” might have crossed your mind. Do not worry! Our expert will explain everything about selling an inherited home and any associated holding period. 

Is there any holding period during an inherited home sale?

Before delving into a holding period, it is essential to understand the difference between probate and inheritance. 

Generally, people get an inherited property when their family member or relative passes away, leaving behind their estate. It further has to go through the process of probate by the state court to prove the will and heir of the property.

So, if your loved one has left you a home and it is in probate, it may not be possible to sell right away, as you need the court’s approval. Probate takes place for proving the will and choosing the right heir if multiple heirs are contesting the will. 

Now, about a holding period; yes, may face it before selling an inherited home. Most homeowners get intimidated by hearing about the holding period, and you may as well, if you want to sell your house fast in Livonia. Fortunately  there is nothing to worry about, as the holding period does not mean you cannot sell your home. Instead, it is a term used for describing the taxation situation with the property. 

Usually, it will not impact the selling of your inherited home. However, it is advisable to talk to your accountant about how a holding period impacts your property tax. 

In closing 

While it may not be a holding period preventing you from selling your inherited home, other factors may. So, if you want to sell your Livonia home fast, you must be aware of challenges that may come your way. Please remember, selling an inherited home may take a little longer than other properties. Be patience and relax while your real estate investors handle everything for you. 

If you are looking for experienced cash home buyers in Livonia, get in touch with Detroit Cash For Homes. You can expect a hassle-free and zero investment home sale because we buy houses in any condition in Livonia

Related Blog – Tips To Prepare For Selling Your Inherited Property