Never Owning Last House (kid, behavior, areas, American)
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I just refinanced with cash out to get completely out of other debt (have been quite careless). My new mortgage will be 2.99 !! and 30 years of payments.
There is no right or wrong answer to a complex question. Get a Gaussian spread of answers, and you can determine a practical median. (of course, the answer would have to be analyzed using fuzzy logic, not boolean). Still doesn't "mean" anything.
The question, "Has anyone else decided that owning one's abode isn't the necessary way to go?" ...was a fair question. The real answer to this would have been 'YES'. If it were 'NO', it still wouldn't answer the question, which is where the discussion started.
We just got all the reasons for the decisions when the answer was 'NO' !
The Norm either does not exist, or nobody here knows what it is (I certainly don't :-). I am not sure that the spread would be Gaussian, but more likely to be bimodal. I was under the impression that most homeowners pay off their mortgage, and then either continue to live in their home, or downsize in retirement to something smaller that they buy with the proceeds of selling their larger home, and keep the rest of the cash for other purposes. I was also under the impression that lifelong renters tend to continue renting in retirement, and do not buy their first home (with or without mortgage) in retirement. But there are certainly all kinds of possobilities. Yes and No are equally real answers to the OP's question. Either Yes or No answers the question, but people generally tend to expand the answer beyond yes/no.
At any rate, I like to own my place, plus it is my preferred reassurance against hyperinflation. If I needed to borrow something against my home, I'd get a HELOC sooner than a mortgage.
Why does it have to be the tenant that did something "bad"? Maybe the landlord needs money for one thing or another and wants to take advantage of a hot real estate market with big profits?
Again, if the landlord needs money or wants to take advantage of real estate market, the owner generally gives a notice longer in advance (the hot market does not cool off in one month). A 30 day notice to vacate is generally given as the beginning of eviction for lease violation, but it seems from the other post that this 84 year old lady was a month-to-month tenant at will, without a lease. It is possible that, in such a case, tenancy can only be terminated with a 30 day notice from either landlord or tenant (ie, an earlier notice may not be legally applicable, I don't know).
There is the old saying, "there's his story, her story, and the truth."
The woman's resolution was to move into an independent living facility in another state to be with her sister. She says the home was sold to an investor, but there was no real estate sign, no realtor tour, nothing.
As I said above, it sounds as though she was a month-to-month tenant at will, without a lease, and maybe in such a situation the only possibility of terminating tenancy was a 30 day notice. Maybe she previously discussed with the landlord her intention to move to the facility, and the landlord had still kept that property only because he/she had a long-term tenant, but had decided a while ago to sell it if she moved out. Maybe then the landlord got a good offer, and acted on it - moving out & sale of property usually cannot be perfectly coordinated to happen in the same minute.
Again, if the landlord needs money or wants to take advantage of real estate market, the owner generally gives a notice longer in advance (the hot market does not cool off in one month). A 30 day notice to vacate is generally given as the beginning of eviction for lease violation, but it seems from the other post that this 84 year old lady was a month-to-month tenant at will, without a lease. It is possible that, in such a case, tenancy can only be terminated with a 30 day notice from either landlord or tenant (ie, an earlier notice may not be legally applicable, I don't know).
hey maybe her family wanted her to move to an assisted facility and this was the only way to get her out - work with the landlord and not tell her why?
hey maybe her family wanted her to move to an assisted facility and this was the only way to get her out - work with the landlord and not tell her why?
yup.
that's a real possibility. Us oldsters don't like change.
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