We Buy Houses In Irvington New Jersey. If you are thinking about selling your inherited property, you might be wondering, “Is there a holding period before selling my inherited home?” We are homebuyers in New Jersey and in 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 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 In Irvington NJ
Probate Versus Inheritance In New Jersey
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 In New Jersey (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 In New Jersey
While it 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 Irvington NJ
So, if you inherited a house and 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 your house in NJ as quickly as possible, give us a call! We’re professional Irvington home buyers and we offer cash for houses in New Jersey. We’ll give you a fair, fast all-cash offer to purchase your inherited property as-is.