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Posted on 10/30/2007 2:44:50 PM PDT by martin_fierro
Couple dead serious about selling house
WEXFORD, Pa. - It's the deal of a lifetime. Bob and Ricki Husick of Pittsburgh are offering anyone who buys their home a full refund when they die. The Husicks have been trying to sell their suburban home for almost a year, but have failed to do so in the current shaky market.
Some area homeowners have lowered prices, offered free trips and tried a variety of other gimmicks, but the Husicks came up with their own unique incentive.
The couple have no heirs and built the house in 1993. They want $399,900 for the four-bedroom, 3 1/2-bath home, which is located about 20 miles north of Pittsburgh.
Under the Husicks' offer, the buyer would get the sale price back when they die.
Wait, there's more: If the buyer agrees to care for the couple in old age, he could also inherit their retirement home in Arizona.
"Why not go for the works? So if we're worth $2.5 million, you get it all," said Husick, 55.
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Just read about it in thne paper.......hmmm, if I had an extra 400K hangin around, I’d buy it!
Love you prefix!
(none of this newfangled (724) stuff)
The way the article is written indicates that the Husicks are offering to refund the purchase price upon the death of the buyer, which doesn't make a lot of sense as an incentive. But after reading a few times, it appears that the actual offer is that the sellers have offered to will the purchase price back to the buyers upon the death of the sellers. That's not a bad deal, assuming the home's actual value isn't too far below the sale price.
I've seen the future ...and it ain't pretty.
Actually, since its so tony there, are they gonna throw in a Volvo wagon? A Mercedes SUV? Right now I'm driving a (audible gasp) Chevy and I could never park that in Wexford...w/o the right wheels the deal could be sunk.
How about the frenchman who bought the right to buy a widow’s house thinking he would surely outlive her?
She went to his funeral, I believe.
Yeah, I know, was jus’ funnin’ ya.
< |:)~
Yeah, it’s a good deal. Unless the couple doesn’t have $400k when they die.
LOL!
From a legal perspective, I think if the contract were executed properly, and the buyer should predecease the seller, the sale price of the house would be considered a loan payable upon death of the buyer. It would be a defined asset that would go to the buyer’s estate, and whoever was the buyer’s heir would still have a claim to the money on the death of the seller. The buyer would basically be loaning the seller the sale price in exchange for a reverse life annuity in the amount of the interest on that loan, which would be paid for by giving the buyer title to the house. The principal would be payable to the buyer (or his heirs or assignees) upon death of the seller.
HEY YOU GUYS!!!! Go getchersleves a house er two.
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So...this is kinda like a triple double-secret reverse-reverse mortgage, right??? |
heehee
I remember Essex5-7305 as a phone number of my Granny
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Yeah, was thinking about that. The buyers would have to insist on some sort of irrevocable trust being set up for the purchase money to be placed in, which the sellers couldn't access or encumber with debt.
A trust of that amount would generate modest proceeds -- but enough for the sellers to live off of? I dunno.
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