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I want to sell a large double wide mobile home on it's own property in California. I have a tenant paying rent in this place.
I have property management looking after this place as I am 3,000
miles away in Canada.
I don't have the place in my name so I am wondering if I can still
proceed to sell. I am the sole heir and the will says I can sell. I am
going to go through the procedure to get the property in my name. I keep
procrastinating. :O( I know I need a real estate referee to evaluate.
The property is only worth about 50,000 now on the market. I understand I may pay some capital gain taxes since it's become an income property. My
question is can I proceed to sell with what the will says. There was a fellow
that wanted to buy before I ever rented it and he knows the woman that manages the park it's in. I could call her to see if
he is still buying up these sort of properties.
I also see on the net some companies that buy properties including mobile homes. Is this not to be trusted?
Or should I just let my property management handle it? Which is probably the way I will go. Thank you for reading. :O) Feeling very lost despite all my research.
Last edited by cazelais; 11-02-2010 at 03:59 PM..
Reason: Additional info
You need to get it into your name for ease of title transfer. I am a bit confused when you say that it is on its own land, but then say it is in a park. If it is in a park, then it is a mobile home where rent is paid for the space. If it is on its own land then it is a manufactured home because the land goes with the house.
So I will assume that it really is a mobile home with no transfer of land that occurs. Then call some local real estate agents and have them make arrangements with the tenant to look at the property. Out here we have a few that specialize in mobile home sales, that is all they do. I'd look for one of them.
Late entry but yes then it's a manufactured home on it's own land. For years and years I have always heard Mom say the "mobile" or even the "coach." Thanks for educating me. ;0)
I inherited a home from my mother in California and sold it. Absolutely no reason to put it in your name first. I sold the home, split the proceeds between my siblings and that was the end of it, no muss, no fuss. That home for over $500k. I had all the proper paper if needed, but never heard from anyone. We were under the amount to pay any taxes. No income tax on inherited property up to a million at the time, it's much higher this year.
Get it appraised as to the value on the date of her death, then you would only owe capitol gains tax on the amount the property appreciates in value from the date you took possession to date of the sale, which in today's market would be zero..!
Old threat now, but to add to my post above where I said I never heard from anyone about taxes, etc.
When I filed my taxes, it was disclosed how much the home sold for, so it wasn't like I just never said anything. I'm sure had I not noted the sale on my tax return, I would have heard from someone.
I wanted to add this so no one leaves out the very important part of disclosing it on taxes. Inherence is tax free up to a certain amount, but they still want to know about it.
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