Is There A Holding Period When Trying to Sell My Inherited Property In Katy TX

Is There A Holding Period When Trying to Sell My Inherited Property In Katy TX

We are cash home buyers in Katy TX, and one of the questions we have heard – “Is There A Holding Period When Trying to Sell My Inherited Property In Katy TX?”. To answer this question, there is something we have to determine first – what is the difference between probate and inheritance?

Inheritance vs. Probate

This is an important difference here that can add a lot of confusion. To make it simple lets think about it like this – 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. If a person 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.

You Can Sell During The Holding Period

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. In most cases, this won’t prevent you from selling the inherited property, but you should talk to an accountant to see if the holding period will impact how much tax you pay.

Other Things To Keep In Mind

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. But in many cases, these can be sorted out and, in the long-term, shouldn’t keep you from selling.

So, if you inherited a house and are now thinking about selling it, and if you’re wondering, “Is there a holding period when trying to sell my inherited property in Katy TX”, 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.

Selling To A Home Buyer For Cash

Here’s a fast solution for you: If you want to sell your inherited house 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.

Call us today at (713) 903-2582 or contact us now for more information.

Kevin Bazazzadeh

Kevin is the co-owner of Brilliant Day Homes, and primary author of the Brilliant Day Blog. He grew up around real estate investing and spent summers working on rental properties for his dad, who runs a home renovation company with Kevin's brother. He enjoys spending time with his wife Savannah, and children Isaac and Amelia. He also has a passion for volunteering and usually spends several hours each week doing so.

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us!