Susan in TN Posted July 21, 2008 Share Posted July 21, 2008 My in-laws have been trying to sell their house for about 7 months. They own a small house next door that they will move into after selling the 'big' house. Here's their situation. They don't really want to sell, but they are in so much debt (their monthly mortgage payments are almost double their monthly s.s. income - and at 75yrs old, they have a hard time finding extra work, although they do whatever they can find. I believe they took out a personal loan just to make it through the year.) The home is in a very small, ski-resort town in upstate NY. It's located on 8 acres on the side of a mountain. A very nice, secluded home with a gorgeous view of the valley and ski mountain. It has some very nice features; however, in terms of style, it's fairly outdated compared to most of the vacation homes that are available. It also has only 2 bedrooms (with an office) and it's a bit weird in the general outlay of the home. Their first asking price was $800K. Most homes for sale in that price range are new, luxury homes with all the fancy amenities or small estate farms. They have lowered it to $700K, but the best offers they've gotten have been between $400 and $500K. My inclination is to advise them to sell it for the best price they can get. $450K would at least pay off their mortgage and personal loan debt. Their realtor said those low offers were just insulting, as you'd expect. I just don't see how they can survive much longer. At this rate they'll have to file for bankruptcy and lose everything anyway. From what FIL said, their asking price was not so much based on what they thought it would sell for, but on their desire to pay off their debt, plus have additional money to live on and to make improvements/remodel the small house. What do you think? We don't offer advice unless it's asked for but they do ask our opinion once in a while. Quote Link to comment Share on other sites More sharing options...
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