Skip to main content

Inherited house sold. Should I feel resentment?

Backstory/Context. My grandparents lived in a beautiful home which they purchased in the 60s in the Magnolia area of Seattle, WA. My grandfather passed in the late 90s, but the home was owned by this point, and my grandmother continued living there until she needed to move into an assisted living facility in about 2015, and her son (my dad) and daughter (my aunt) decided to hire a property management company to rent out the house to help pay for the assisted living facility expenses. After my grandmother passed, they decided to sell the house, which came as a bit of a shock to me and my siblings given the sentimental value that place held for us.

Value. Beyond sentimental value, the neighborhood in question is very desirable one in the Seattle area, where home values have been going up steadily over the last 15 years. The house was sold for a little more than $1M in 2019. This money was split between by dad and his sister. Before the sale, we asked why they wouldn't keep the house and continue renting it out with assistance from a property management company taking care of most of that. I think my siblings and I envisioned this asset staying in the family, but alas, the decision was not ours to make.

Recently the home was listed again and sold in a very short period of time for a little more than $1.6M. I can't help but feel sick to my stomach thinking I will watch this asset appreciate over my lifespan, only because my dad and his sister didn't want to deal with the 'hassle' of keeping it in the family.

Am I Wrong? I ask myself a lot if I'm just being selfish. Maybe I shouldn't have any right to have input on a decision like that. Maybe this is a feeling of entitlement, where I should have none. When I think about it, it just feels short sighted, and a way to make a quick buck before retirement. At this point, nothing can be done, so I suppose I should just accept it and move on.

submitted by /u/Khromio
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ov9k0l/inherited_house_sold_should_i_feel_resentment/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more