If you are considering selling your inherited property, you might wonder, “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’ve inherited a property, 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 waiting 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 Waiting Period to Sell My Inherited House in Olympia?

Probate and Inheritance

Imagine this: a puzzle with hundreds of pieces. Each piece needs to fit perfectly for the complete picture to make sense. That’s how inheritance and probate work. They’re two big pieces of the puzzle when it comes to inherited property.

When someone passes away and leaves you their property, like a house or a piece of land, that’s called inheritance. It’s like someone handing you a puzzle piece.

Now, let’s talk about probate. Think of it as the puzzle board where you organize and fit all the pieces. It’s a step in the process of dealing with the inherited property. In probate, people check if the will (a document where the person who passed away says who gets their property) is valid and that the right person gets the right property.

Imagine you’ve been handed a puzzle piece, but you can’t put it on the board yet because the board is still being set up. That’s like a house being in probate. If you inherit a house and it’s in this stage, you might have to wait to sell it because the will is still being checked. There could even be other people, called heirs, who are also supposed to get some of the property, and they might disagree or “contest” the will.

But, once the probate process is finished, like when the puzzle board is set up and ready, you can put your piece down. That means if you’re the full owner of the house after probate, you can probably sell it without waiting any longer.

So, just like a puzzle can’t be complete without all the pieces fitting perfectly, understanding inheritance and probate can help you put together the big picture when dealing with inherited property.

The “Waiting Game” When Selling Your Inherited House

Imagine you’re watching your favorite movie, and right when it gets to the most exciting part, it suddenly pauses. That pause is a lot like the “holding period” in selling an inherited house. It doesn’t stop the movie; it just puts things on hold for a bit.

The holding period doesn’t actually stop you from selling the house. Instead, it’s a term that helps explain how the taxes on the house will work, based on when the person who left you the house (the deceased) passed away.

It’s kind of like when you buy a candy bar. If you buy it today, you might pay a dollar. But if you wait a week, the price might go up. The holding period works similarly. Depending on when the deceased passed away, the amount of tax you have to pay could change.

Even though the holding period might not stop you from selling the house, it’s important to talk to an accountant. An accountant is like a financial coach. They can help you understand if the holding period will change the amount of tax you have to pay when you sell the house.

So, just like how a movie pause doesn’t stop the movie from being good, the holding period doesn’t stop you from selling an inherited house. It’s just a part of the process to understand, especially when thinking about the taxes you might need to pay.

Other Factors When Selling Inherited Property

Imagine you’re preparing for a big soccer match, and you’ve got your uniform and cleats ready to go. Suddenly, you realize you’ve forgotten the ball! Like forgetting the ball on game day, there can be other factors you need to consider when selling an inherited house.

It’s unlikely there will be a ‘holding period’ for the house itself that keeps you from selling it. But, think of these other factors as extra soccer gear you might need for the game. For example, the house might still have a mortgage, kind of like a loan that needs to be paid off, or some other obligation.

It might sound a bit scary, but don’t worry. Most times, these factors can be sorted out. It’s like finding the forgotten soccer ball. Sure, it might take some time, but in the long run, it shouldn’t keep you from playing, or in this case, selling the house.

So, if you’re thinking about selling your inherited house and asking yourself, “Do I have to wait before selling my inherited home?” Here’s the exciting news: You probably don’t have to wait to sell. You can start the process right away. However, remember to keep an eye out for any other factors that may delay the sale or could change the amount of tax you’ll have to pay when you sell.

But guess what? There’s a quick solution for you. If you want to sell your inherited house as fast as lightning, we’re here to help! Give us a call. We can make you a fair, speedy all-cash offer to buy your inherited house just as it is, like scoring the winning goal in your big soccer match!