If you are thinking about selling your inherited house in Kennesaw , you might be wondering, “Can I sell my inherited house without waiting?” This article will answer that question and you might be surprised at what you learn…
If you’ve inherited a house in Kennesaw, you might now be wondering what to do with that property and if you’re thinking about selling it then you’re probably wondering, “Is there a holding period before selling my inherited home?”
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
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 process of proving the will and making sure that the right heir inherits the right 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 have received your letters of administration or testamentary you can sell the house without waiting. If you’re working with a direct buyer like pkbuyshouses.com and you and the other heirs are confident that the will won’t be contested, you can still sell the property.
How you may ask? It’s simple we can make you an all Cash offer for the house and simply structure the contract so that the closing will not take place until the probate process is complete. We have purchased dozens of houses that are going through the probate process this way.
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… 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.
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 lien or obligation. But in many cases, these can be sorted out during due-diligence and the title search process and in the long-term, shouldn’t keep you from selling.
So, if you’re asking yourself Can I sell my inherited a house in Kennesaw without waiting?” 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 your inherited house in Kennesaw 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.