Skip to main content

Retirement town opportunism and collusion when a retiree days

I am not a doctor, nor do I play one on TV.

I Live on the lower Oregon coast. Half locals, half retirees, half tourists and half golfers.

Just from walking around and observing, it seems to me that when a retiree dies, the adult children are usually 500 miles away and suddenly having to deal with cleaning out and selling a 500k house.

Kids think they are going to get 500k free money out of the house! Dream time.

But then a Realtor or two comes in, as does an appraiser. Or two.

Suddenly kids are informed of work that should be done, but probably only requiring 50 or 100k. Or so.

Kids think, ok, we will still get 400k free money, so they approve it. 400k!

Then the construction guys come in, and they find some leaks, roof work, flooring that should be replaced as well. Only 50k more. Probably. Probably, but we don't know until we start pulling stuff up.

You can see where this is going. Suddenly all that free money starts dissipating, and starts feeding local industry instead.

I know it's only my imagination, but I see this play out a lot. Locals feeding off of dead retiree housing, with the kids far off and unable to do much about it.

I am sure I am getting it wrong, but this is why I have told my kids that - when I go - just sell the house as is, before you get sucked into the local money machine.

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

source https://www.reddit.com/r/RealEstate/comments/1xcore6/retirement_town_opportunism_and_collusion_when_a/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more