[cully]

Many people sell their more expensive homes in large cities, perhaps up north, and retire able to pay all cash in a less expensive area.

[whatchubawdybout]

You never truly own your house in the US...not outright.

You will pay property taxes and fees FOREVER.

The year you don't pay property tax, the "state" will place a lien upon it, and auction it off if you not become current.

No such thing as "owning property outright" in the United States. The government owns your house....period and forever....unless the "state" eliminates "real property taxes" in their entirety.


Think on that FACT, jack. You don't own crap, and neither do I.

Includes raw land, farms and everything else. You are a "renter" from the "state" until the state relinquishes it's eternal "taxing power". You just have the "right" to convey it , take a profit, and pass it on to another fool and indentured servant to the state.

Don't believe me ? try not paying your property taxes.

The state can also condemn your property.

The state can also take your property under eminent domain, whether you agree to it or not.

You don't "own" crap.

[Mike1306]

Originally Posted by whatchubawdybout

You never truly own your house in the US...not outright.

You will pay property taxes and fees FOREVER.

The year you don't pay property tax, the "state" will place a lien upon it, and auction it off if you not become current.

No such thing as "owning property outright" in the United States. The government owns your house....period and forever....unless the "state" eliminates "real property taxes" in their entirety.


Think on that FACT, jack. You don't own crap, and neither do I.

Includes raw land, farms and everything else. You are a "renter" from the "state" until the state relinquishes it's eternal "taxing power". You just have the "right" to convey it , take a profit, and pass it on to another fool and indentured servant to the state.

Don't believe me ? try not paying your property taxes.

The state can also condemn your property.

The state can also take your property under eminent domain, whether you agree to it or not.

You don't "own" crap.

I own plenty of property, I pay taxes yearly so that people can drive on roads to get to my property, so that it is protected by police and fire departments, on some so that I can have water brought to it and waste taken away.
Many places could eliminate property taxes and just raise the fees on other things to cover the shortfall but the group of people that pay no taxes now would be crying about all the fees being tripled and quadrupled.

[lily4]

Originally Posted by Occifer

It's not that uncommon for retirees to pay cash for a house. They are most likely making money from the sale of their previous house since the mortgage has been paid off, plus they also are frequently able to liquidate some investments. While most 20 or 30-somethings don't have enough money to pay cash for a house, it's not all that uncommon for older people to do it. Both my parents and grandparents bought their retirement homes with cash.

We are retired and paid cash for our duplex, which was just under $77K. Hardly a high end property, but suits our needs just fine. The source of our cash was from the sale of a house in another state in which home prices are higher. So, we netted just under $200K from that sale. We're certainly not rich, but like many retirees were able to pay cash for our present home.

[Occifer]

Originally Posted by whatchubawdybout

No such thing as "owning property outright" in the United States. The government owns your house....period and forever....unless the "state" eliminates "real property taxes" in their entirety.

Ownership has nothing to do with the right of the government to tax property. Just because a taxing authority can levy taxes doesn't mean that they legally own the property.

It never amazes me of the amount of people who are always complaining about taxes, yet they also demand services, protection, schools, social programs, and infrastructure. You can't have any of that without taxes.

[Not_liking_FL]

Originally Posted by Occifer

Ownership has nothing to do with the right of the government to tax property. Just because a taxing authority can levy taxes doesn't mean that they legally own the property.

It never amazes me of the amount of people who are always complaining about taxes, yet they also demand services, protection, schools, social programs, and infrastructure. You can't have any of that without taxes.

+1

[limehousemiller]

Originally Posted by Occifer

Ownership has nothing to do with the right of the government to tax property. Just because a taxing authority can levy taxes doesn't mean that they legally own the property.

It never amazes me of the amount of people who are always complaining about taxes, yet they also demand services, protection, schools, social programs, and infrastructure. You can't have any of that without taxes.

I've always been a strong advocate of eliminating all income taxes for private citizens, while dramatically increasing property taxes, sales taxes, and taxes related to financial gains. In addition, corporate income taxes should be dramatically and viciously increased for entities over a certain size. Morons, like Mitt Romney and Paul Ryan will tell you in their little girl voices voices that corporations will just pass the costs on to consumers, to this I say good, then maybe consumers will not use the products of certain companies then, preventing thuggish racist companies like Wal-Mart from taking over governments and destroying the world.

[chopchop0]

Originally Posted by limehousemiller

preventing thuggish racist companies like Wal-Mart from taking over governments and destroying the world.

racist? lol

[Wwanderer]

Originally Posted by Occifer

All a "cash offer" really means is that there is no mortgage.... It doesn't necessarily mean that they're filthy rich, although it's always a possibility.

It's not that uncommon for retirees to pay cash for a house. They are most likely making money from the sale of their previous house since the mortgage has been paid off...

Precisely. Which is a pretty common situation to be in.

We had 3 mortgages on our first house. Values increased drastically, plus I had a small inheritance, so when we bought our second house, we had no mortgage, just a small LOC. When we sold that house, we bought a condo, for cash. And with some of the leftovers, we bought a modest condo in Florida, again for cash. As you say, not uncommon among retirees.