Many elderly Americans once planned to sell their homes to finance their retirement care. But with both home values and investment portfolios shrinking, Seniors are now struggling to cope.
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| Father Time™ Auctions Senior Service staff Cathy Roesch and Rick Bauer provide Home Selling solutions to Seniors learnig to sell their homes today. |
As reported in the New York Times, US News and World Report, and elsewhere, many seniors facing the prospect of long term care are unable to pay for their care today owing to the depressed real estate market. These aren't the classically poor seniors who've traditionally turned to Medicaid under these circumstances. Rather, these are elderly whose primary homes are their largest store of wealth, and they've planned on selling that primary home when the time was right and exchange the proceeds from that sale to secure a place in a senior living center or retirement home.
Facing what is perhaps the worst housing market since the Great Depression, most seniors will find it almost impossible to find buyers for their outdated homes. And, with the current glut of unsold houses in many markets, even reducing the asking price may not solve the problem.
Relying on traditional real estate sales methods to sell their existing homes has in many instances failed to produce results. The problem with this strategy, of course, is that elders' homes are frequently antiquated or need substantial repairs and renovations in order to make them marketable. Outdated wallpaper, old appliances and poor maintenance, all characteristic of these houses, often deter buyers. In other words, these homes, which their owners logically considered would be their guarantee of worry-free living virtually indefinitely, are literally unmarketable as-is.
This is where a real estate auction strategy makes the most sense. Sell the house to a ready and willing buyer free of contingencies, repairs and sales commissions.
Copyright© 2009 Paul M. Roesch, Auctioneer, AARE
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