Who has MOVED from their home state ? How difficult was it for you?

[MIKESPOLARA]

Same here

View attachment 1495974

Where in Calif? Those are pretty big swings. Lows 60 then 102, Unusual. Here in SoCal inland we have 70-100

 

[1 Wild R/T]

Where in Calif? Those are pretty big swings. Lows 60 then 102, Unusual. Here in SoCal inland we have 70-100

Middle of the state... Modesto..

 

[MIKESPOLARA]

Middle of the state... Modesto..

I'm surprised it's getting that cool at night with those daytime highs

 

[1 Wild R/T]

I'm surprised it's getting that cool at night with those daytime highs

I'm thankful for it...
Stockton is ten degrees cooler in the morning but just as hot late in the day.... They get the Delta breeze.... We don't but it might still be helping our morning temp..

 

[Hey-O]

The Missouri legislature has passed a bill that eliminates the state income tax on Social Security benefits and public pension payments and provides a property tax credit for senior citizens. The credit would apply to seniors who are 65 and older and would effectively freeze their property taxes.................... About time for those of us that have paid taxes from day one and have been squeezed even in retirement. enough is enough!!

 

[MIKESPOLARA]

The Missouri legislature has passed a bill that eliminates the state income tax on Social Security benefits and public pension payments and provides a property tax credit for senior citizens. The credit would apply to seniors who are 65 and older and would effectively freeze their property taxes.................... About time for those of us that have paid taxes from day one and have been squeezed even in retirement. enough is enough!!

I agree. This should be nationwide.

 

[Fran Blacker]

Made out well when town didn't have people come with there income for senior tax break during covid. Last 3 years been taking distributions from 401k. The extra income has put dent in my tax relief $900 to $300, Oh well. Good things come nearly to an end.

 

[5.7 hemi]

A home or property are the 2 things you truly never own!

Texas does the same for those 65 and older, however, they get their pound of flesh when the property is sold.

 

[68BabyBlue]

Relatively good tax situation combined with reasonable cost of living is why I put up with Pennsylvania winters. I made and saved my money in Chicago, but it buys me a lot more here.

 

[Kern Dog]

You guys are ALL probably familiar with what can be called the ebb and flow, some may call it the back and forth, or some other name.
I'm referring to those situations where whatever situation that you're in, the plans you make break down, sometimes look alive again, then they start to fade and all the while, you try to make it work.
Sometimes you can , sometimes it all falls apart and you're onto the next thing.

One of the plans was to sell our house to my late brother's wife and her new man. They are great people and have always loved this house.
We had an appraisal and came in with a good number but the appraisal was based on us doing some minor home improvements just to get the house on a base level status. I'm talking about a full interior and exterior repaint and some basic repairs....essentially to make everything operational and functional. It isn't as if this place is messed up but there are some small issues to deal with.
The idea of selling to family appealed to us because they were willing to take the house AS-IS, allowing me to forego some tedious stuff. It would allow us to expedite a sale and a purchase of the other place. I'd have a much more easy time moving all my car parts on my own timeline as well. I was willing to sell about 8% below the high end of the appraised value. Apparently, they were shocked at what the place appraised for and were thinking about $200-250,000 below the value. THEN they said they are going to talk to a mortage broker to see what they can afford. They have been interested in this place since we mentioned moving YEARS ago. They couldn't do this inquiry anytime between 2018 and now ?

Being that far off the mark means that selling to them is certainly a dead issue. I can't go that far below market value.
Because of that.....
I'll probably go ahead and paint everything, fix everything and aim for top dollar. I'll most likely miss out on that house I posted about but who the heck knows. What if it is still on the market in 2 months?

More info to follow, of course.

 

[Hey-O]

I've sold several houses to family or friends that were like family. It usually turns into a race to the bottom. I make it easy on me, I tell my wife to pick a number and that's the one it is. Fix it up, get top dollar and move on!

 

[Fran Blacker]

Nothing tougher than deal with family and friends. No sense under selling, people you buy from aren't giving you a break. The AZ house did they come back to squeeze more money out of you?

 

[ckessel]

As you already know, only His plans happen. The ones we make get Him laughing. For sure take care of the fixes etc as the better shape your place is in the less tire kicking/nit picking etc you'll get plus more dough made. Once a person starts finding more than a couple of problems, it's a mess from there and you may get pissed by the wanking. I would not paint to order as you'll never make them happy. Refresh what you have and if the new buyer doesn't like it, they can deal with it. Also if you haven't done it yet, get the house/termite inspection done beforehand. That way if anything is found, you can deal with it so the buyer doesn't try to hose you to their advantage. Think of it as selling Ginger. Have a little wiggle room but boot the poseurs. As far as the ex family members are concerned, they need to step up to the plate if they want it. I'm sure they are aware of the current values in the area and know the true value of your pad. Could be negotiated but I wouldn't GIVE it to them. And NO OWNER FINANCING. Whoever buys it needs to deal with their own financing. You need to get paid and let them deal with not making payments with the consequences that follow. Don't do your imitation of a doormat.

 

[Kern Dog]

The AZ house did they come back to squeeze more money out of you?

No. The negotiations stopped when they listed incorrect info on the offer. The realtor thought our place was sold. We asked for a purchase based on a contingency of this place selling....which is still up in the air. We are getting "bridge money" (from relatives) to buy the next place that will be repaid once our place sells. Our folks are looking at this transaction logically while we are far more emotionally involved.
In truth, their perspective is more sensible. They have been buying and selling real estate for 40--50 years. They didn't make their money by being foolish with it.

 

[rirealtor]

Kern- looking at my screen name and you can guess what my career is ( not all of us are bad, I promise!). Growing up, i moved every 6-7 years and this continued until I was 30. Finally settled on the East Coast and have been in RI for past 20 years. My quick read on your post above- your home probably did increase in value by 250K in the last 3-4 years, just like the rest of the country. Its for this reason, many who have owned for a long period of time decide to sell, cash out on the equity, and move to a lower cost area(CoL, taxes, median price, etc). But- the struggle is the current interest rates are not favorable for many to move which is why in some parts of the country there is a significant drop in supply of homes, resulting in the prices still going up, even with 7% interest rates! Not as much out west ( due to higher supply of homes) and Phoenix pricing has dropped YoY almost 10%, but remember that their market has skyrocketed over 40% since COVID shutdown. if you are borrowing the money to purchase, it can be favorable to both parties for a longer term loan as that money wouldn't be making much more than 4% right now in the markets, and if you agree to pay back the note at a similar rate, you are well ahead of the current rates.
My tip for your house- get it looking as nice and clean as possible- paint goes a long way! Good luck!

 

[68 Sport Satellite]

Kern- looking at my screen name and you can guess what my career is ( not all of us are bad, I promise!). Growing up, i moved every 6-7 years and this continued until I was 30. Finally settled on the East Coast and have been in RI for past 20 years. My quick read on your post above- your home probably did increase in value by 250K in the last 3-4 years, just like the rest of the country. Its for this reason, many who have owned for a long period of time decide to sell, cash out on the equity, and move to a lower cost area(CoL, taxes, median price, etc). But- the struggle is the current interest rates are not favorable for many to move which is why in some parts of the country there is a significant drop in supply of homes, resulting in the prices still going up, even with 7% interest rates! Not as much out west ( due to higher supply of homes) and Phoenix pricing has dropped YoY almost 10%, but remember that their market has skyrocketed over 40% since COVID shutdown. if you are borrowing the money to purchase, it can be favorable to both parties for a longer term loan as that money wouldn't be making much more than 4% right now in the markets, and if you agree to pay back the note at a similar rate, you are well ahead of the current rates.
My tip for your house- get it looking as nice and clean as possible- paint goes a long way! Good luck!

RiRealor - is the path you're recommending "seller financing"? If so, I've read up a lot on this and am a fan. By using a servicing company and title company this can be done fully binding and legal and these 3rd parties enforce the terms, not the seller. However, if it's KD selling his home to a friends or family buyer and they decide down the road to default, I don't know that I'd take the risk of bad blood no matter the well intent at the start. On the other hand, if this new property KD is looking at is willing to seller finance to KD, I say go for it. Win-win for both parties if he can convince them.

 

[Kern Dog]

The deal with the family would have been through a mortgage company, not independent payments to us. There is NO WAY that I'd accept payments from anyone for anything like real estate. Talk about planting seeds that could result in huge problems later!
I'll just keep plugging away here making cosmetic improvements. All the while, we will keep our eyes on new listings in AZ. Staying here longer has some UPsides to it....I have some things that I committed to do; a couple friends need help with their cars, I need to do some work to my daily driver too. This truck:

...Has almost 400,000 miles and has had a steady MIL ....(Regularly called a "check engine" lamp, in Mopar terms it means Malfunction Indicator Lamp)
Cylinder 6 misfire. I think the head gaskets are leaking because it gets steam from the exhaust on restarts. It clears up and idles fine after running a few minutes but I don't want to trust it for a 9 hour drive. I need to at least replace the head gaskets and go through the heads. I have another 5.7 ready to go but a full engine replacement takes longer. I may finish house stuff then focus on the other commitments that I made.

 

[ckessel]

It all works out. Many times not the way we want it. Gotta go with the flow.

 

[Hey-O]

RiRealor - is the path you're recommending "seller financing"? If so, I've read up a lot on this and am a fan. By using a servicing company and title company this can be done fully binding and legal and these 3rd parties enforce the terms, not the seller. However, if it's KD selling his home to a friends or family buyer and they decide down the road to default, I don't know that I'd take the risk of bad blood no matter the well intent at the start. On the other hand, if this new property KD is looking at is willing to seller finance to KD, I say go for it. Win-win for both parties if he can convince them.

I sold a lake house to my niece that really wanted it. In my case, I lowered the price till she could afford it, not the point of this story. The point is I owned it outright and held the note on it as your bank would. I had a standard loan agreement made up, and we agreed on a 4.5 percent loan. I told her that there was no doubt that I loved her, but I would foreclose on it in a heart beat if she jacked with me. She knows me and she knows that as nice as I am, I can be equally cruel. The loan agreement stated all this legally, but I thought a friendly reminder as open as possible was in order. This was a great deal for both of us. Insurance and taxes needed to be kept current and the payment date was her choice and it went like clockwork for 12 years. She sold it and I was paid in full. Between us, foreclosure would never have bothered me. The interest I made was enjoyed and taking it back and reselling it again at a higher price due to market change would not have bothered me one bit. I'd do it again in a heart beat.

 

[rirealtor]

Hey-O hit the nail on the head. It can work well in certain examples. I was just offered it on a investment property but the income (even at the discounted rate) still didnt make sense due to extremely high HOA.