My daughter closed on selling her house today!

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Toto'sDad

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In September of 2013, my son-in-law passed away. A stressful time for my daughter since her job demands she travel a lot, and she was out of town when he passed. In fact, she had talked with him not long before it happened. She grew concerned when he wouldn't answer the phone, and had a relative go check on him, and found he had passed. They were married more than thirty-three years.

Anyway, my daughter is a department manager where she works and is very capable. She handled the funeral and all the legal aspects of her husband's passing all by herself. They had a large home, and by California standards a large lot of over 12,000 square feet. Even with having a gardener, the property was just too much for her to take care of as was the house. Plus, she lived in the foothills quite a way from the rest of the family, having had her husband die there had to be depressing. So, she made the decision to sell and move closer to the rest of the family on the west side of town.

As usual in-home sales here in California, there were three different home sales involved in contingency sales (including hers.) When it came time to close, there like old Columbo used to say, "there's just one more thing." Not on my daughter's part, things on the other two houses. We stopped in last evening on our way home from the golf course, and I got to install a doorknob for her that failed at the last minute (there's always just one more thing." Got that squared away.

Today, I texted her while we were at the grocery store, and she had just closed, removed her air mattress from the living room, and had her dog in the car headed to her brother's house (young son). She has already bought another home in a gated community, and I'm loving that she has decided to go that route. Too boot, it's a 55 and older compound, and she just turned 55! She had a big smile on her face in the selfie she sent, even the dog looks happy!
 

24 track

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well done it is the single most stressful chore in these circumstances , maybe now the closure will give her some respace. give her a big hug from me! and kudos to her.
 

telemnemonics

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Dang, I actually recall the 2013 sudden death of your son in law and how your daughter managed to deal with the worst day we hope will never happen.
Long time to stay in that place with the memories.
Glad the transition went well!

A bit hard for me to imagine having to stay on an air mattress like that for the multiple closings musical chairs but I guess that’s what grown up adulting looks like.
Maybe one day I will try adulting?
Mmmmmmm hmmmmmm….
 

Toto'sDad

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Congratulations...stress on the kids = stress on the parents!

Buying or selling a house is easily in the top 10 most stressful things a person will do in their life.

I'm glad things are getting better for her.
Thank you Peegoo. What is so remarkable to me is that she just wades through this stuff on her own. She has connections through her job, and used them both in securing an agent, and a loan on the new home. She's going to make a substantial enough down payment on the new home, that any lender would have taken it. But she got a better deal because of her connections. It's cool when your kids are smarter than you are!
 

Toto'sDad

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well done it is the single most stressful chore in these circumstances , maybe now the closure will give her some respace. give her a big hug from me! and kudos to her.
Thank you 24T. I've bought and sold several properties in my time. It can be very stressful. My daughter made quick work of hers, she sold her home to the first one's that looked at it and bought the first one she looked at. She had done her looking early on, and had an area picked out. When one came up, she took a look at it and bought it.
 

Toto'sDad

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Dang, I actually recall the 2013 sudden death of your son in law and how your daughter managed to deal with the worst day we hope will never happen.
Long time to stay in that place with the memories.
Glad the transition went well!

A bit hard for me to imagine having to stay on an air mattress like that for the multiple closings musical chairs but I guess that’s what grown up adulting looks like.
Maybe one day I will try adulting?
Mmmmmmm hmmmmmm….
My daughter had agreed to an early/short term closing. Everyone seemed to want to get going in a hurry. My daughter rented a storage locker, hired a guy to get her stuff over there, and the only thing she had left in the house was her, the dog, the airbed, and refrigerator. The new folks wanted the refrigerator, so she let that stay. Within minutes of the place closing, she had handed the buyers the keys and was out of there.
 

Toto'sDad

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Dang, I actually recall the 2013 sudden death of your son in law and how your daughter managed to deal with the worst day we hope will never happen.
Long time to stay in that place with the memories.
Glad the transition went well!

A bit hard for me to imagine having to stay on an air mattress like that for the multiple closings musical chairs but I guess that’s what grown up adulting looks like.
Maybe one day I will try adulting?
Mmmmmmm hmmmmmm….
Being essentially a nine-year-old trapped within the confines of an eighty-two-year-old body, I am often astounded at the adult actions of my children.
 

Toto'sDad

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My brother in law is looking to buy in California to be near his girlfriend who apparently doesn't want him living with her!

The amazing thing is, with all of the negatives people point out, (even here on the forum) of living in California, property NEVER goes down, there's always people looking to buy. Houses that sold for 20 grand in 1965 go for more than a million today in certain areas. You have to buy a motor home, that's sitting on a cliff, and have a semi run into it and knock off into the rocks to lose money on a house here. (Someone will probably still make an offer on it)
 

telemnemonics

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The amazing thing is, with all of the negatives people point out, (even here on the forum) of living in California, property NEVER goes down, there's always people looking to buy. Houses that sold for 20 grand in 1965 go for more than a million today in certain areas. You have to buy a motor home, that's sitting on a cliff, and have a semi run into it and knock off into the rocks to lose money on a house here. (Someone will probably still make an offer on it)
Crazy property value rise the last few years while we still get stuck with “capital gains” tax if we sell then also want to buy so we can do that optional life thing known as living indoors.
Sold in 2023 at inflated 2023 prices and bought in 2023 at inflated 2023 prices.
Paid $70k capital gains tax!
Then the realtor fees and moving costs.
Also had to “buy” four houses for one to stick.
Moving?
Shudder!
 

Mjark

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The amazing thing is, with all of the negatives people point out, (even here on the forum) of living in California, property NEVER goes down, there's always people looking to buy. Houses that sold for 20 grand in 1965 go for more than a million today in certain areas. You have to buy a motor home, that's sitting on a cliff, and have a semi run into it and knock off into the rocks to lose money on a house here. (Someone will probably still make an offer on it)
I’m 25 miles from Washington DC. Same thing here. We’re not as bad as CA but it’s still very expensive there are multiple million dollar homes in my modest development.

My small rancher is worth more than 6 times what we paid for it and it’s paid for.
 

black_doug

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The amazing thing is, with all of the negatives people point out, (even here on the forum) of living in California, property NEVER goes down, there's always people looking to buy. Houses that sold for 20 grand in 1965 go for more than a million today in certain areas. You have to buy a motor home, that's sitting on a cliff, and have a semi run into it and knock off into the rocks to lose money on a house here. (Someone will probably still make an offer on it)

Mom lived in our family home in Toronto until the end. We had to sort through her papers afterwards, and I found the bill of sale. It was bought new in 1959 for $13,500 and sold for over a million in 2021. And it never had been renovated, except for central AC, and a detached garage added.

Toronto is now in the top five most expensive cities in the world.
 

Uncle Daddy

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Here in the UK we don't pay CGT on selling a primary residence, but second homes catch it. We do have to pay a "stamp duty" on property over a certain price when buying, which is on a sliding scale. Luckily local taxes are based on a national scale dependent on the value of the property, and increases are normally fixed to the rise in inflation.

That said, where I live a so called starter home is out of reach for a single young professional. Kids are still living with their parents till their 30s, waiting for them to croak!
 

KelvinS1965

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Good to read your OP @Toto'sDad it must have been a hard time for her since losing her husband. I wish her all the best for the future.

That said, where I live a so called starter home is out of reach for a single young professional. Kids are still living with their parents till their 30s, waiting for them to croak!
Our youngest is 26 and has recently started looking to buy a flat. He has saved hard since starting work after University and did get some inheritance from his Grandparents, so has been careful to invest that too. Even so it's quite depressing to see what places he can afford, even with a good deposit. We will to try to help him some more if it means getting a place with a tiny bit more space/nicer area; I expected to be doing some DIY/painting, but I suspect Bank of Mum & Dad will be forwarding a bit of early inheritance. I turn 60 this year and retired early, so we're hoping to be around for a good while yet!
 
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