You might be asking yourself what you should do with an inherited property. If you are considering selling your inherited mobile home, you might be wondering: "Is there any holding period before I sell it?" Do I need to wait before selling my Mobile Home?
Here are some answers to your questions:
Inheritance VS Probate
An inherited mobile home is generally what happens when someone dies and leaves their property. Probate is an intermediate step. It's the process of proving the will, and ensuring that the right heir receives the correct inherited mobile home.
If someone leaves you a mobile home and it is in probate you may not be able to sell it immediately. The will is still being proven and could be challenged by other heirs.
If probate has been completed and the mobile home is yours, you will be able to sell it without waiting.
A Holding Period Is Available (But Not as You Think)
You must keep your inherited mobile home for a certain period of time. However, it doesn't mean that you can't sell it. It's just a way to determine how much tax you will have on it - it all depends on when the deceased died.
In most cases, however, you won't be prevented from selling the property. However, you should consult an accountant to determine if the holding period has any impact on the amount of tax you will pay.
Need to Consider
Although there won't be any holding period for the inherited mobile home that would prevent you selling it, there may be other holding periods. For example, if there are mortgages or other obligations attached to the mobile home. These issues can often be resolved and shouldn't stop you from selling your mobile home in the long term.
If you have inherited a mobile home and want to sell it, then you don't need to wait. You can start the process right away. Be aware, however, that you may have to wait for other reasons or pay more tax when you sell your mobile home.
To make it easier for you, Mobile Home Matadors buy Inherited Mobile Homes as fast as possible. Give us a call anytime! We make sure that it is a Win-Win situation, we give fair and cash offers.