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If You Buy My House, You Get Full Refund When I Die!

By Donna Harris

Real Estate Agent with Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com 0480809

October 30, 2007 05:39 AM

Yes, you read the title right. I just saw this story and I thought it was very unusual and unique. This couple in Pittsburgh have been trying to sell their home for a year, and the market is not that great in that area, so they had to come up with something that no one else was offering...

They are asking $399,900 for the house and since they have no heirs to leave anything to, the people who agree to buy the house can have the entire purchase price refunded back to them upon their death.

WAIT, it gets better!!! If the new owners agree to take care of the couple in their old age, they could also get the vacation home in Arizona AND an estate worth over $2.5M!!! Is that a deal or what?!

The problem is, how old are these people? The article doesn't say. What if they live another 20+ years. Will the people who buy the house now still own it when they die?

Here's the story I read.

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Michael Eisenberg

eXp Realty - Bellingham, WA

Bellingham Real Estate Guy

I just heard thi story on the news and it said that the couple was in their 50's

Oct 30, 2007 09:57 AM

Lane Bailey

Century 21 Results Realty - Suwanee, GA

Realtor & Car Guy

Houses aren't "just not selling" unless they are in Chernobyl or something. What they are doing is "not selling for the price they want." They could probably knock a few bucks off and move out to the vacation home.

And who's to say what the estate will be worth when these people die.

Oct 30, 2007 10:10 AM

Rebecca Savitski

BSR Real Estate Group - Cary, NC

NC Real Estate Listings

Ok I am down, I have been wanting to relocate to PA and I could vacation in AZ this could be my retirement plan.

Oct 30, 2007 10:29 AM

Phyllis Pafumi

ReStyled to Sell Home Staging New Jersey - Old Bridge, NJ

ReStyled to Sell Staging Homes NJ

This is great!! Hey if the house is good condition it might be worth a shot, I would love to be at that closing table when they draw up this agreement.

Phyllis Pafumi

Oct 30, 2007 11:31 AM

Donna Paul

Keller Williams Realty Gold Coast - Dix Hills, NY

Long Island Home Specialist,All About Real Estate

I saw that story on NBC channel 4 in New York and I thought WOW people are doing any think to sell their homes... What sells a home : Five things.. Marketing, Price , Agent, Condition, Location... if they can meet all these needs I know that they can sell their home....WE should put up a flag and let them know that We as Realtors are there for them once they try everything then they will come back us so that we will sell their home for them..

Oct 30, 2007 12:15 PM

Rick Marnon

The Michigan Group - Brighton, MI

Howell Real Estate Agent

to someone that is in the market this would be a great deal,,, but it is like you say how old is the couple? this could be a determining factor as to whether or not it really is a good deal,,,

Oct 30, 2007 02:51 PM

Ricki Eichler McCallum

CastNet Realty - Corpus Christi, TX

Broker,GRI,ABR, e-Pro, TAHS

I've tried Creative Financing but never Creative Selling like this! A new twist!

Oct 30, 2007 03:08 PM

Gena Riede

Riede Real Estate, Lic. 01310792 - Sacramento, CA

Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Donna, quite unique...I wonder if they are Realtors? Love to follow up on that one!

Oct 30, 2007 03:25 PM

Lisa Ryan

Callaway Henderson Sotheby's International Realty - Montgomery, NJ

Selling Princeton,West Windsor and Montgomery Town

The deal breaker for me is that you need to take care of them when they are elderly, let's hope they haven't blown through their money before you get to that point.

Oct 30, 2007 03:50 PM

Christy Powers

Keller Williams Coastal Area Partners - Pooler, GA

Pooler, Savannah Real Estate Agent

Well, that is defintely a great way to draw attention. I would do it after I found out how old they were and had them get physicals....LOL!

Oct 30, 2007 04:47 PM

Christina Bennani-Persechini

Keller Williams Realty Boston North West - Lexington, MA

Realtor - The House For You

I read that article yesterday too. Those kinds of stories add fuel to the fire that the market is so bad that's what they think they have to do to sell their home.

Oct 30, 2007 10:57 PM

Kim Peasley-Parker

AgentOwned Realty, Heritage Group, Inc. - Sumter, SC

I read they were in their 50s. Wow, new marketing tactic. I know real estate is local... but it does make everyone think everywhere that things are that bad.

Oct 31, 2007 01:34 AM

Jennifer Kirby

Kirby Fine Homes - Minneapolis, MN

The Luxury Agent

Now that is thinking out of the box! Give them and E for Effort.

Oct 31, 2007 02:23 AM

Chad Baird

Re/Max Spirit - Dayton, OH

I've not seen it mentioned yet so I have to it.

I'd be concerned that my soon to be heir would try to "speed up" my demise. Espicially if they were taking care of me in my old age.

Oct 31, 2007 02:44 AM

Nobody Here

Cold - Algoma, ON

Offering a $399,000 'rebate' and possibly as much as $2.5 mil if the sellers meet their demise....

I'm not sure I would call this creative marketing. Maybe I've seen too many episodes of "Law & Order", but this seems like a bad idea...

Great story tho.

Oct 31, 2007 05:55 AM

Leigh Brown

Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC

CEO, Dream Maker - Charlotte, NC

lol at Rebecca and Tom's comments! What a fun story-life in real estate is nothing if not interesting. =)

Oct 31, 2007 06:38 AM

Prudential Preferred Realty Butler PA

Prudential Preferred Realty - Butler, PA

One of the stipulations is that the owners have to die of natural causes.

Even a car accident calls for further review.

(I heard that info from another agent, can't swear on that one.)

Oct 31, 2007 09:40 AM

Robin Willis

eXp Realty - Tucson, AZ

CDPE, SRES, Associate Broker

Donna,

This article got to me too. I had a lot to say about it HERE: http://activerain.com/blogsview/255995/Money-Back-Guarantee-On

Nov 01, 2007 04:46 AM

Chad Baird

Re/Max Spirit - Dayton, OH

The seller was on The Morning Show Today. He says that they have found a buyer and it went for Way over Listing. He would not say how much though. He said somebody paid him 5K to be next in line should the current deal not work out, and the offer is quite a bit over listing.

The seller seems happy enough at this point and his plan worked? I never did here though Does anyone know if a Realtor® was involved? Lust wondering.

Nov 01, 2007 04:53 AM

Jack Tapping

Fizber - Chicago, IL

Very informative article. Buying a house is a serious decision. It is the largest purchase one has ever made in his life. It is not an easy task to find an ideal place to live. Recently I have come across one interesting service http://climate.fizber.com/ With the help of climate watch homebuyers can check what the climate is like in another town or city before they move there.

Jul 23, 2008 03:20 AM