Last year we were able to move my parents out of their inner city home to the house next to ours. They are both 84 and my dad uses a walker. It got them out of a two story home and into a ranch style. They also moved from a not so stable neighborhood to a home on a lake. It’s a blessing to have them next to us rather than 30 minutes away. Now we have to sell the old homestead.

Although they have a realtor, the problem is that the city is depressed. According to Realtol.com there are over 600 homes for sale in their zip code alone. They have owned the house for 56 years (free and clear for the last 53 years). They are not hurting financially and are not in a must sell situation. This past year it was rented (cheep) to a young and couple that are part of our extended family. They are moving out this month. My parents have no interest in being landlords.

It would be nice to get the place sold. Any tips and/or advice on how to accomplish this are greatly appreciated.

Other than coming down on your price I am not to sure. I am seeing alot of houses that have been for sale for what seems like forever here. It is just not a good time to sell from what I can see.

You are in a great position to deal since you do not have a mortgage balance that must be satisfied.

I remember years ago listening to a guy talk about selling a home in a depressed market. His first question was always, "Could you sell the home for $1?" The obvious answer is always yes. Then he would point out that the correct price was somewhere between $1 and what they were asking. Find that price and the house will sell.

In this time of falling house prices and rising interest rates, selling it sooner could prevent taking greater losses later. I would get as much as you can, as soon as you can, then invest it into something with some guaranteed safety. At their age you are not looking for aggressive growth that comes with great risk, you are more concerned with preservation of the asset value so it is there should they have an unexpected need. There are many things you could consider that have preservation or even immediate income as a primary goal. Talk it over with an experienced Adviser.

I never thought of that but that is so true. You are lucky in that it is already paid for. Good luck to you. I hope you find a buyer soon.

Dru & Tater, thanks for the input.

It looks like they may have a young Pastor and his family as renters until they can find a buyer.

Convincing an elderly couple to lower their price is no easy task. They don’t always understand the all the issues involved. Once they get to know this new couple maybe they will offer them a good deal. Who knows? In the short term, as long as the taxes, insurance and utilities are being paid there is little to worry about.

But will the "sellyourhousefast" people expect to pay pennies on the dollar??

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Quote:

It would be nice to get the place sold. Any tips and/or advice on how to accomplish this are greatly appreciated.

FredS you may want to explore a lease with option to buy.

The renters pay something for the option to buy up front perhaps $2,500 for the right but not the obligation to buy the home at a predetermined price at a specific time in the future, maybe one to two years for the agreed price.

They pay somewhat higher rent perhaps $100 per month that is credited toward the down payment IF they exercise their option.

If they buy the home your problem is solved.

If they don't buy your home you keep the option money PLUS you earned additional rent during the term of the lease.

See THIS link.

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*Self Appointed Financial Expert

FredS,

Sell your house quickly! In a bad neighborhood, you'll have kids and drug dealers lighting campfires in the livingroom in no time.

Set a price so that it will sell. Don't set one to dicker.

Find out what agents or brokers are doing first time home buyer seminars in your neighborhood and make sure that they know about your house.

Don't spend a penny more than you have to in order to fix it up. Your new stove will go in the front door at noon and right out the back door at nightfall.

Get an agent and offer bonuses to him and to the buyers. $500-$750 to the agent for a quick sale, home warranty to the buyer, $100 gas card to the buyer, offer Netflix for one year, $300 Home Depot gift card, reimburse buyer at closing for inspection fees...anything.

Since money is not an issue for your parents, go 75%-80% of fair market. That should get your agent's Blackberry ringing.

Check with real estate investors. They have houses that you can buy and some with no qualifying.

You might call an real estate investment group and let it go below market value to advoid the hassles of selling.