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What happens to homes when occupant passes?
Posted on 5/7/24 at 2:18 pm
Posted on 5/7/24 at 2:18 pm
Great majority of boomers are likely to die in next 5-10 years, makes me think another housing crisis where inventory floods the markets.
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
28
Posted on 5/7/24 at 2:21 pm to fareplay
The government takes half.
Posted on 5/7/24 at 2:21 pm to fareplay
My boomer parents passed recently. So now I'm paying that mortgage and my own until their house finally sells.
Posted on 5/7/24 at 2:23 pm to fareplay
quote:
What happens to homes when occupant passes?
your threads haunt me.
Posted on 5/7/24 at 2:25 pm to fareplay
Depends on the state and whether or not heirs act upon succession but the short story would be whatever is not acted upon by heirs or family would become state property.
You don't have to inherit it. Just don't act on succession. Leave the contents inside, notify the state you do not wish to act up succession and they can have it.
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based
You don't have to inherit it. Just don't act on succession. Leave the contents inside, notify the state you do not wish to act up succession and they can have it.
quote:This is also "misleading". By the year 2030 we will have more people over the age of 65 then under the age of 18 for the first time in our nations history.
Great majority of boomers are likely to die in next 5-10 years
This post was edited on 5/7/24 at 2:46 pm
Posted on 5/7/24 at 2:26 pm to fareplay
Your thread title is way off from the question you actually want answered.
Posted on 5/7/24 at 2:26 pm to fareplay
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
Stepped up basis helps when you sell.
Don’t have to pay anything but property taxes until you sell.
Posted on 5/7/24 at 2:26 pm to fareplay
quote:
The phenomenon, dubbed a “silver tsunami,” refers to a supposed massive number of homes flooding onto the market, freed up by baby boomers. The number of baby boomers alive and the share that are homeowners has to decline at some point, but there’s been a fear that “given the sharp increase in how they came into the world, there’s going to be a sharp fall off in how they go out,” Finnigan says.
But that’s not the case; it’s not a cliff.
More than 9 million homes are expected to come onto the market in the next decade, as there will be nine million fewer baby-boomer-owned homes or households, according to Freddie Mac. But “the tsunami is more like a tide, bringing a gradual exit that will mostly be offset by new entrants,” it said. Nine million homes is a big number, but would only be roughly 9% of all owner-occupied homes, Finnigan says.
If you look at what happens to homes when people pass away, Finnigan’s team found, it takes about four deaths to equate to one home listed for sale. And not to be so grim, but when people pass away, their partner might hold onto their home, or it’s passed on to their children. So if there were to be three to three and a half million deaths per year for the next decade, then less than 1 million homes would be listed for sale, .
Posted on 5/7/24 at 2:27 pm to fareplay
quote:
What happens to homes when occupant passes?
Posted on 5/7/24 at 2:28 pm to fareplay
Get to work. The government will take care of all that.
Posted on 5/7/24 at 2:34 pm to fareplay
It’s never gonna happen
They’re gonna invent some anti death drug where boomers can hold millenials back forever
They’re gonna invent some anti death drug where boomers can hold millenials back forever
Posted on 5/7/24 at 2:40 pm to fareplay
Reminds me. I need to do a will. House is paid for. I don’t have any children. I’ll retire end of year. I’ll leave everything to my niece. Brother died 4 weeks ago. Never met her but we talk daily now since my brother’s cancer. Around 3 years now. I’ve had the paperwork to change beneficiaries for a month. Can’t seem to do it. I’ll do it this weekend.
Posted on 5/7/24 at 2:49 pm to fareplay
quote:
What happens to homes when occupant passes?
This post was edited on 5/7/24 at 2:51 pm
Posted on 5/7/24 at 3:00 pm to fareplay
quote:
Great majority of boomers are likely to die in next 5-10 years, makes me think another housing crisis where inventory floods the markets.
Their broke arse worthless millennial grand-kids will just move upstairs from the basement.
Not really, but I figured I would join in on your idiotic post stereotyping segments of the population by age.
Posted on 5/7/24 at 3:04 pm to fareplay
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
My parent's house will probably be sold as part of their estate someday but not because it would be unaffordable but because we just don't see us living there. Not really worried, twits like you would never be able to afford the house anyway.
Posted on 5/7/24 at 3:11 pm to fareplay
All those Millennials who are bitching about the cost of housing will have a place to live.
Posted on 5/7/24 at 3:21 pm to fareplay
I'm pretty worried about both sets of parents' situations, honestly.
My parents live on our family farm, but none of us kids have any desire to live there, and I'm not sure how the house would fare being unoccupied for long stints. I'd worry that fricksticks might find it and loot it or squat in it. We could let deer hunters use it, but that would break my heart. The house itself would be nearly impossible to sell without offering it as part of a land deal, and we aren't selling the land.
My in-laws have a huge house in a subdivision that has dramatically....dramatically... changed for the worse over the past decade. To make matters worse, developers are now about to throw up a huge "affordable housing" neighborhood behind them. with multi-family homes, apartments, etc. They've had nothing but woods behind them for 4 decades and now they will have potentially section 8 bullshite.
They could have sold their house for $300-400k 10 years ago... in dollars for those days... but now, they'd be lucky to get $250k in today's dollars. So frustrated they have stuck it out. They have no family there, friends have mostly moved off, and they have a dang condo in Florida where their friends do live.
My parents live on our family farm, but none of us kids have any desire to live there, and I'm not sure how the house would fare being unoccupied for long stints. I'd worry that fricksticks might find it and loot it or squat in it. We could let deer hunters use it, but that would break my heart. The house itself would be nearly impossible to sell without offering it as part of a land deal, and we aren't selling the land.
My in-laws have a huge house in a subdivision that has dramatically....dramatically... changed for the worse over the past decade. To make matters worse, developers are now about to throw up a huge "affordable housing" neighborhood behind them. with multi-family homes, apartments, etc. They've had nothing but woods behind them for 4 decades and now they will have potentially section 8 bullshite.
They could have sold their house for $300-400k 10 years ago... in dollars for those days... but now, they'd be lucky to get $250k in today's dollars. So frustrated they have stuck it out. They have no family there, friends have mostly moved off, and they have a dang condo in Florida where their friends do live.
Posted on 5/7/24 at 3:49 pm to fareplay
I've always wondered what happens if a recluse dies in the home and no one knows?
There is a house like 4 doors down from me that used to have a single guy...we'd see him pretty regularly. There hasn't been movement at the house for at least 12 months.
Always curious if there is a dead guy in there.
There is a house like 4 doors down from me that used to have a single guy...we'd see him pretty regularly. There hasn't been movement at the house for at least 12 months.
Always curious if there is a dead guy in there.
Posted on 5/7/24 at 4:04 pm to fareplay
This OP is pretty ghoulish. Salivating over people dying so you can profit on their properties is fricked up
Posted on 5/7/24 at 5:31 pm to fareplay
quote:
fareplay
Looking for a house to squat in?
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