Love Letters. Real Estate

[plowhog]

County assessor said so long as the next owner is a direct descendant then 100% of the tax relief goes to the new owner and it doesn't have to be our primary home.

I'm not familiar with Sonoma County's specifics on parent/child exclusion re: property taxes at inheritance. But, beware that CA voters recently approved a new proposition (19?) greatly diluting that exclusion and watering down others. Might be something to check, fyi.

 

[California]

I'm not familiar with Sonoma County's specifics on parent/child exclusion re: property taxes at inheritance. But, beware that CA voters recently approved a new proposition (19?) greatly diluting that exclusion and watering down others. Might be something to check, fyi.

Yeah. I think the advantages continue only so long as there is no change in ownership, after the recent modifications.

We're older, we're about to create a Trust so the kids can more easily settle our estates. A big question I need a clear answer to: will transferring my sole ownership of the orchard into the Trust jointly owned by my wife, be a change of ownership that ends the present Prop 13 grandfathered low assessment.

 

[Sigarms]

Which is why I'm not buying guns or real estate right now.

I've only bought one house in my life, but funny enough, I have had a bad habit of buying guns in my past, but haven't bought any (guns) lately as well LOL

 

[plowhog]

will transferring my sole ownership of the orchard into the Trust jointly owned by my wife, be a change of ownership that ends the present Prop 13 grandfathered low assessment.

Obviously check with an attorney; however, I believe they will tell you it is a "nominal" transaction that is not considered a change of ownership as necessary to reassess. Good luck!

 

[goeduck]

MSN

I was a first time home buyer in 1981 when interest rates were 18%. House prices are not what they are today, but that interest rate was a killer. I could not find a good inflation adjusted mortgage calculator but it is not like buying back then was a cake walk. In some ways it was probably harder. Today's mortgage rates are a dream.

 

[Jstpssng]

I was a first time home buyer in 1981 when interest rates were 18%. House prices are not what they are today, but that interest rate was a killer. I could not find a good inflation adjusted mortgage calculator but it is not like those buying back then was a cake walk. In some ways it was probably harder. Today's mortgage rates are a dream.

I was looking in 1981 but it took me another 20 years before I finally bought anything. As the saying goes, I wish I'd known then what I know now.

 

[two_bit_score]

I was a first time home buyer in 1981 when interest rates were 18%. House prices are not what they are today, but that interest rate was a killer. I could not find a good inflation adjusted mortgage calculator but it is not like buying back then was a cake walk. In some ways it was probably harder. Today's mortgage rates are a dream.

Oh I did love that RE market back in the 1980’s!

Owner finance at 10%. Buy today because the interest rates could be 5% higher tomorrow. Price was never even a question.

 

[Frankenkubota]

I was a first time home buyer in 1981 when interest rates were 18%. House prices are not what they are today, but that interest rate was a killer. I could not find a good inflation adjusted mortgage calculator but it is not like buying back then was a cake walk. In some ways it was probably harder. Today's mortgage rates are a dream.

me too.

i sold it a year later by owner, which was my first by owner transaction.

i ran an ad in the local paper....it said, duplex, x$, 14.5% FHA assume loan, no rate change no qualify .

the phone rang off the hook, nobody cared much about the house, it was that below market loan they wanted.

 

[Jstpssng]

Oh I did love that RE market back in the 1980’s!

Owner finance at 10%. Buy today because the interest rates could be 5% higher tomorrow. Price was never even a question.

That's what's happening to a lot of tracts of land, larger local companies are buying them, cutting all of the wood then splitting them up into smaller tracts and selling each parcel for what they paid for the entire tract. With owner financing they have driven the price of bare land out of sight... at 10-14% interest people will have so much money tied up into it prices will never go down.

 

[two_bit_score]

That's what's happening to a lot of tracts of land, larger local companies are buying them, cutting all of the wood then splitting them up into smaller tracts and selling each parcel for what they paid for the entire tract. With owner financing they have driven the price of bare land out of sight... at 10-14% interest people will have so much money tied up into it prices will never go down.

What are those tracks marketed for? Ranchettes?