Today in St Louis - June 19, 2007

Real Estate Agent with Platinum Realty 1999090686

OK, I have just spent an hour with my elderly seller on Wyoming.  She called me all upset this afternoon, and I drove out to her new residence to try to calm her.  On my last post, I stated that we took less for the home than she originally wanted to accept.  After twenty showings, we had no offers.  So we adjusted the price in writing.

Then we got an offer - lower than she had anticipated.  We made a counteroffer to the buyers and they accepted.  Apparently, her son visited yesterday and told her she shouldn't take less than a certain price for the house.  He upset her terribly and she called me almost in tears.  She wanted to back out of the contract...

So I ran back out there.  We went over the net sheet again.  I also explained to her that we could probably get the higher price if she would put in new windows, install a new roof, a new kitchen, rip up the carpet and redo the hardwood floors, install a new air conditioner and update the electric, paint the entire home.  She agreed with me that these repairs would cost in the neighborhood of $20,000.  I explained to her again that these repairs are what buyers are taking into consideration when looking at the home or making an offer.... She does not want to put the money into the home for the repairs.  The present contract is an as-is deal with a quick closing. 

I know this is a good deal.  My fear is that if she kills this deal, the house will sit on the market for six months or longer, and she won't get a better offer for it then; most likely, she will get lower and lower offers.  Would that make her son happy?  He would then accuse her of holding onto it too long...

She has told me that he wants her to give him the house, and was furious with her when she listed it.  She fears that he will really hit the roof when he learns that she took less than he wanted her to take for the house.  I asked her if he wanted to buy the house at the our sales price of our present contract.  She said he wouldn't be able to qualify for a loan and couldn't afford it.  I then asked her how many houses he had sold last year.  NONE.  Would it be safe to say that I might know somewhat more about the market and what might be the best deal for her?

So, here is a man in his 50's, can't save or hold a steady job, and wants his 83 year old mother to take care of him and give him a house.  He's married with his own kids.  I just don't understand how a child can do that to their elderly parent.  When does a person grow up and stop expecting things to be handed to him?  Surely before you are in your 50's...  I want my parents to spend all of their money on themselves.  I don't want them to do without, just so they can leave something to us in their wills.  I can take care of myself! 

I told my seller she could stay in this deal and walk away from closing with a nice check, or fight to get out of this accepted contract.  She could then give the house to her son and get nothing for the house.  She didn't like that idea...

So, at this point, we're still in the deal.  I'll keep you posted...





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Tim Tanz

St Louis Real Estate
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