“His friend was squabbling over what to do with a house he and his brother inherited. Since neither of them wanted to be landlords, they decided to sell right away.”

“A long time friend told me his friend was squabbling over what to do with a house he and his brother inherited. Since neither of them wanted to be landlords, they decided to sell right away. I suspect they’ll be quite a bit of those in the years to come with our aging demographics. Perhaps adding more pressure on prices in the near future?”
- Seeking knowledge… at VREAA 14 Dec 2012 5:24pm

13 responses to ““His friend was squabbling over what to do with a house he and his brother inherited. Since neither of them wanted to be landlords, they decided to sell right away.”

  1. Place I know of in Richmond (old 1960s vintage) has been on the market for 8 months now, it’s an estate sale. Not sure if it’s sold yet but they’ve knocked close to $200K off since then. I know of others who have moved to other places and still attempting to sell their previous places. They do not want to rent them out, they don’t have the time.

    I guess we can can conclude it’s not always about the money…?

  2. 1960′s era, sibling squabble. Har, it’s purrfect. Fits the trend. Abundant unoccupied houses here we come

  3. A good example of sellers that will list to sell rather than pull out of the market to avoid selling for less than last year. There will always be some set of motivated sellers even if the real estate industry says differently.

    CanAmerican

  4. If there are siblings its probably best to sell right away. Nothing good comes out of co-inheriting property.

    An acquaintances dad passed, and he left two paid off houses to him alone, and he has two sisters. They were not pleased, and he did not share anything with them at all.
    Earlier this year he sold one of them, not to cash out but because he was broke, he lost his home inspectors gig earlier and his student loans and house bills were killing him. He could not afford to carry the houses even though they were paid off.

    So he became an instant millionaire and has gone on to buy a GTR, M3, and take trips around the world and of course gambling.

    • Its like winning the lottery. Pretty soon, they spend themselves back into debt again. i don’t care how much money you inherity; if you’re not careful, you will be right back where you started. Just look at the rich, but immature professional athletes.

    • …”squabbling over what to do with a house”… [?]

      [NoteToEd: "Deep Human Conflict... To Enthrall the Heart of the World!" Badges optional.]

  5. Looks like sellers are trying to hold out for now…but in many cases (job loss, inheritance, sale due to health reasons) this isn’t going to be possible.

    http://business.financialpost.com/2012/12/04/vancouver-homeowners-pulling-properties-off-the-market-rather-than-settle-for-lower-prices/?__lsa=c916-0df6

  6. It would be a miracle for no bad blood to develop. I speak from experience.
    It can get awkward the longerit is left unresolved…ie one of them gets into a common law situation…a sale is forced, proceed split…cut any fiscal ties ASAP…especiaily in this market.

    I know builders who chase these estate sales…is someone from back East inherits something from a relative in BC……they want cash out ASAP and will take a good cut to sell it. ..

    Yes…I can foresee a huge wave of these estate sales coming onto the market. Most people can’t afford to live in them anyway,need to pay masive debts racked up …I am just wondering how if and when the Gov’t is gonna try to grab more taxes of this evolving demographic (as BC already has a 3% probate fee correct? )

  7. Interesting: http://www.cbc.ca/news/business/story/2012/12/17/business-crea-housing-november.html

    Headline: “Canadian home sales decline 12% over past year”

    Within the article:

    “The average price metric continues to be impacted by what CREA calls, “compositional factors,” namely less sales in the formerly red hot real estate markets of Toronto and Vancouver.

    If those two markets were excluded from the calculations, the average price would have risen by 3.2 per cent.”

    There is a lot of other CREA claptrap in there as well. But this one is striking. I know that TO and YVR are big. But if they, alone, are causing the national decline in prices, what must the declines be like in those markets?

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