Selling your new home

Asked by Joe, Corona, CA Mon Aug 20, 2012

Hi,

I just want to know if there is a minimum time to stay in the home that you've just brought before we decide to sell it.

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13
Craig Yace, Agent, Corona, CA
Mon Aug 20, 2012
Hi Joe,

These are the few scenarios where it could make a difference on how long you keep your home before you sell it.
A) If you have a pre-payment penalty it does make a difference as to how long you keep your home.
B) It would make a difference if you have a loan with a clause that says you have to keep it for a certain timeframe before selling (usually on a City or County assisted loan).
C) If you bought from a builder or bought a REPO that has a deed restriction on when you can sell.
Whether or not you have one of the above considerations you may have a tax liability, that you would not normally have, if you sell your primary residence in less than 2 years from the date of purchase. In this last statement (about taxes)... I'm to tax professional so my advice would be to seek the input from a CPA or other qualified tax professional to ensure you are covered from a tax perspective.

If I can help you with anything else or if you would like to set up an appointment to explore your options, please feel free to call me or contact me through my website at http://MakeCoronaHome.com | Craig Yace | 951-733-5400 | DRE 01357321
1 vote
Cameron Novak, Agent, Corona, CA
Thu Feb 14, 2013
If you'd like not to pay capital gains taxes on the profit from selling, you'll need to stay the requisite amount of time. If you need a reputable agent that can steer you through these waters, contact The Homefinding Center in Corona off Green River road.

Why are you selling your home? This is the time to be staying in your home (prices are on the way up).

Good luck.
0 votes
Alane Anders…, Agent, Newport Beach, CA
Wed Sep 5, 2012
Recommend talking to the Realtor you worked with to purchase the property. Reputable brokers have access to in-house or contracted legal counsel, if your situation is outside the standard transaction, the Realtor can work with their legal and assist you. Best Wishes, Alane.

Alane Anderson
Realtor l MBA
714-222-2800
Voted #1, Best of Orange County
First Team Real Estate
0 votes
Cameron Novak, Agent, Corona, CA
Mon Sep 3, 2012
Not unless your loan requires it. Additionally, some buyers may have difficulty getting financing to purchase your home if you have owned it less than 90 days.
0 votes
Jessica Eldr…, Both Buyer And Seller, Atlanta, GA
Tue Aug 28, 2012
It totally depends upon you when you want to sell it because after giving commitment for some date or number of months, you can't able to stay in the same home because after that date and month, it is called to be illegal.
0 votes
Sharonne Chiu, Agent, Tustin, CA
Tue Aug 21, 2012
Hi Joe,

It depends on several factors including if at the time you purchased the property, it was a short sale transaction. If it was a short sale refer back to all documents you signed. Most short sale approvals have a clause for no title change or resale within a specified timeframe.

Also consider why you need to sale. Another item to confirm is prepaid penalties. Which is basically paying your loan off early.

If you DONT need to sale right away. I say hold on for a bit longer. Think supply and demand. Right now the market seems to be low on inventory which can potentially increase values. Since you just bought if you want to sale make sure its profitable.

visit us at: http://www.moveupproperties.com
909-981-5400
0 votes
Emily Knell, Agent, Huntington Beach, CA
Tue Aug 21, 2012
I have a buyer looking for a home in Eastvale right now, if the home you bought is over 2,600sqft, maybe I can sell your home to them, they're willing to pay current fair market, appraisal value, they'll be ready to go under contract in about 3-4 wks. They'd like at least 4 bedrooms on a good lot size, park nearby would be nice, not backing a major street or huge power lines. They'd like to stay under about $425K.

Don't worry, I'm not fishing for a listing, I don't 'farm' this area.

Shoot me an email directly if you'd like to talk about this some more, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
Realtor Since 1996
Realty One Group
Huntington Beach, CA
562-430-3053 c
0 votes
Sydney H.M.…, , Corona, CA
Tue Aug 21, 2012
there is called Exlusion of Gain on Sale of Principal Residence, several special rules apply to single and married taypayers. Please check with your CPA and your Bank for any pre-payment penalty. Good luck and take care.

sincerely,
Sydney Chang
C21 Town & Country
cell: 626.759.1611
e-mail: yamedia168@yahoo.com
0 votes
The Medford…, Agent, Fremont, CA
Mon Aug 20, 2012
This is a taxation question for your accountant - there are potential tax penalties for selling within the first two years. Each of the first two years has separate consequences.
0 votes
Lori Rodrigu…, , Corona, CA
Mon Aug 20, 2012
Hi Joe,

For the most accurate answer to your complex question, contact me direct. I have over 20 years experience in Mortgage and Real Estate related transactions, and can help you best answer the question.
Keep in mind that you will need a local Realtor to aggressively market your home to get you that highest possible price for your home. My marketing team does just that for you. Low inventory levels mean you may actually be able to sell your home for more than you paid.
Please contact me today at (951)751-7878.
0 votes
Lydia Kray, Agent, Corona, CA
Mon Aug 20, 2012
Hi Joe,
It all depends on the loan etc. Please feel free to call or email me with any questions you have in confidence. No obligation to use me as your Realtor.



Lydia Kray- Tarbell realtors
Eastvale /Corona area Specialist
http://www.LydiaKray.com
cell 951-733-1058
0 votes
Terri Vellios, Agent, Campbell, CA
Mon Aug 20, 2012
Check with your tax advisor. There once was a rule that you had to live in it 2 of the previous 5 years to receive a tax break on equity earned up to a certain amount, meaning capital gains.
Web Reference:  http://www.terrivellios.com
0 votes
Jory Blake, Agent, Norco, CA
Mon Aug 20, 2012
Hi Joe, some loan programs / incentives have time requirements for staying in a home. If you have a standard FHA / Conventional ,Etc. loan , you can sell whenever you wish.

If you are unsure of what type of program you are in , I am happy to help.

Of course, I can also provide you a comprehensive market analysis of your home as well as seller net sheets , etc. without any obligation.


Sincerely,

Jory Blake
951.742.3751
Web Reference:  http://www.JORYBLAKE.com
0 votes
Hi Jory, thanks for the reply. I have a conventional loan since I've put 20% down.
Flag Mon Aug 20, 2012
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