Habitat For Hermanity
415.787.3450
  • Blog
  • Videos
  • About
  • Press
  • Testimonials
  • Speaking
    • Appearance / Speaking Fees
    • Better Homes & Garden Conference in Las Vegas
    • Mother Love Talk Show
    • NARdigras: National Association of Realtors Conference in New Orleans
    • California Association of Realtors Expo in Anaheim
    • Women's Council of Realtors
    • Talk Media Networks
    • theEGDE Las Vegas
    • South Hills Country Club
    • Asian Real Estate Association of America Sacramento
    • Lincoln Hills Golf Tournament
    • Rainstorm Conference for ActiveRain
    • Inman Real Estate Connect
  • Hocking Homes
  • Contact

Do Baby Boomer Parents Spoil Adult Kids By Buying Them Homes?

12/11/2011

10 Comments

 
Picture
What with the job market so tough and the ever increasing cost of living, how do you kids afford to buy a home? It's darn near impossible, unless you scrimp and save through your 20's (who wants to live off Top Ramen?), or live w/ parents to save on rent (Social/sex life tanks!) or if you're a trust fund baby (Jealous!).

CNN Money
spotlights 5 scenarios where parents help kids buy homes, ranging from paying out right in cash to  lending money to their kids interest free.  I've noticed this trend in the market, especially in more pricey areas like San Francisco, whose average sales prices is near $700k.

Do you think this is a function of  Baby Boomer spoiling adults kids? Or wise investment decision for their kids?

10 Comments
Richard
12/12/2011 01:19:48 am

Not sure how much it spoils the kids but as a mortgage lender I can share that it seems most of the kid's who are getting large "gifts" from the parents tend to be the more spoiled/entitled types. One story: a young woman fresh off her MBA was buying a pricey condo in Pacific Heights back around 3-4 years ago. Daddy (a doctor) was giving her the whole 20% down payment as a gift (though from hints the daughter made it was more a loan for sure). The daughter did seem a low risk as the time. An MBA from Stanford, worked for part-time for Merrill or Goldman each summer during business school and during her MBA. She was now in a new job with ML in their big bond dept after finished her MBA. Her salary was about $80k but will the potential of huge bonuses if you looked at others in her position at ML at that time. Daddy got all persnickety and upset at me when we needed bank statement documentation of where the "gift" funds were coming from. "I cannot believe all this documentation requirements! You do know my daughter will be making over a million $ a year soon don't you?" The attitude and pretentiousness of the parties involves was like this the whole loan process. Long story short (too late?): Daughter called me a year or so ago desperately wanting to refi or modify her loan as ML had laid her off and should could not find another job anywhere. She eventually sold at about a 15-20% loss to her purchase price. There goes Daddy's "gift"...

Reply
Herman link
12/12/2011 06:40:49 am

Thx for sharing richard. Goes to show those degrees from fancy schmancy cash cows , er i mean, colleges cant insulate rich kids from real life no more!

Reply
Lisa
4/13/2012 10:22:29 am

Add this to the recent news about spending $1000 on a prom, of all things and you're scratching your head.

Thank God they are buying the homes at all. Mine was eventually foreclosed on. My ex still lives in fear that one day BOA will change his locks.

The other day I heard awful news: the housing market isn't expected to recover till 2016. What is Washington doing? SMH

Reply
Herman
4/13/2012 10:34:32 am

Lisa
Oh my ! $1000 for prom. What a cash cow for those vendors!

Sorry to hear about ur foreclosure. Sounds like u are keeping a positive attitude which is just marvelous
Take care now!

Reply
Philadelphia Condos link
5/3/2012 03:12:57 pm

This is such a great resource that you are providing and you give it away for free. I love seeing websites that understand the value of providing a quality resource for free. It’s the old what goes around comes around routine. Big thanks for the useful info......

Reply
child development centers link
5/16/2012 06:22:12 pm

The principle aim of this blogger is to inform and educate the people regarding products and services and this blog has described everything in the best possible manner.

Reply
kids party venues northern beaches link
5/28/2012 02:45:27 pm

Parents need to understand the requirement of there kids and they nature the they provide them a facility.

Reply
Rock Singers link
7/27/2012 01:27:03 am

I very rarely see such kind of interesting and informative post..Thanks indeed for sharing I was searching similar type of information. It’s quite informative and i have learn so many new things here

Reply
how to prevent premature ejaculation link
7/30/2012 06:01:47 pm

Although I would’ve preferred if you went into a little bit more detail, I still got the gist of what you meant. I agree with it. It might not be a popular idea, but it makes sense.

Reply
how to stop premature ejaculation link
9/21/2012 08:57:21 am

Because of posts like this I surf the internet and when I found you, the time I felt I was wasting, just turned my thoughts around and now I am thinking I invested my time in something really interesting.

Reply

Your comment will be posted after it is approved.


Leave a Reply.

    Picture

    As Seen On

    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture
    Picture

    Archives

    February 2016
    January 2016
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    March 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010

    Categories

    All
    365gay
    365 Gay
    Advertising
    Advice
    Agent Genius
    Apartments
    Apppraisal
    Appraisal
    Apt2b
    Architecture
    Areaa
    Areas
    Asian
    Bad Realtor
    Banks
    Billy Winters
    Book
    Bullying
    Business Card
    Buyers
    Buying
    Cancer
    Cartoon
    Cash Offers
    Castings
    Celebrity
    China
    Closing Gifts
    Colors
    Commission
    Condo
    Contest
    Cookies
    Crime
    Curb Appeal
    Curbed
    Dating
    Debbie Gibson
    Decor
    Design
    Diet
    Disclosure
    Dot429
    Downelink
    Eco
    Ehow
    Ethics
    Events
    Fashion
    Fat
    Financing
    Food
    Foreclosure
    Foreclosures
    Foyer
    Friend
    Fsbo
    Funny
    Furniture
    Garages
    Gay Parent
    Ghetto
    Green
    Hgtv
    Hoa
    Hocking Homes
    Holiday
    Hostels
    Hosting
    Hotels
    House Hunters
    How To
    Huffington Post
    Huh
    Huhdafad37f6d
    Humor
    Humour
    Infographic
    Inspection
    Instinct
    Interview
    Interviews
    Investment
    Ipad
    Kara Swisher
    Klout
    Kodak
    Lighting
    Listing
    Listings
    Litigation
    Loans
    Logo
    Luxury
    Marketing
    Mcmansions
    Mls
    Money Magazine
    Mtv
    My House Is Worth What
    Nar
    Neighborhoods
    Newnownext
    News
    Nimby
    Open House
    Paint
    Pets
    Photographer
    Photos
    Porn
    Prefab
    Press
    Press Celebrity
    Qa438751ea22
    Qacd92bcee57
    Radio
    Rant
    Rants
    Realtor Magazine
    Remodel
    Remodeling
    Renting
    Re Sale Value
    Resale Value1f569878c8
    Safety
    Saks 5th Ave
    San Francisco
    Say It 2 My Face
    Selling
    Sf
    Sf Bay
    Sf Chronicle
    Shortsales
    Shout Out
    Show
    Showings
    Small Living
    Small Living
    Small Space
    Small Space
    Social Media
    Sold Magazine
    Speaking
    Sports
    Staging
    Stalking
    Tech
    Tips
    Top Agent Magazine
    Trends
    Trulia
    Tv
    Unique Homes Magazine
    Upcycle
    Videoblogging
    Videos
    Wealth Magazine
    Weird
    Yahoo Finance
    Zillow

    Blogroll

    Real Estalker
    AG Beat
    Curbed
    SFist
    LAist
    Luxist
    Apartment Therapy
    HGTV
    Lovely Listing
    Houzz


    Find us on Google+
Powered by Create your own unique website with customizable templates.