Any Disboards Realtors out there?

[mjkacmom]

DF is 87 - what does it matter if he doesn't get full value out of the house? As long as he is able to pay his bills, I say relax - at least it's being resolved.

A different perspective with what I am going through; DF passed away about 3 years ago, DM (80) lives in an apartment near me, and can't quite figure out what to do with the house she has in my home town, a full 8 hour drive away. It's the stuff and the emotional attachment to it. DF's stuff, DGM/DGF's stuff (both passed away about 15 years ago), and yes, the house - it's just overwhelming, I get it. It's dumb to continue spending any money on an empty house, but she also doesn't need the money...yet. You know how senior care can be though - it gets expensive quick and my fear is she will eventually need the money that is currently being whittled away by taxes and insurance. She has no room for any of the stuff, and we don't think there is much of value. It would take a solid week just to go through it all and both my DBs want to just hire someone to clear it out (they both live in another state even further away). I don't think DM is emotionally ready for that approach and maybe never will be, so...?

My family and I cleared out my parents large 5 bedroom 3 bathroom home (plus large unattached garage and basement), had an estate sale company come and have a sale after we hired a big clean out crew, after we went through everything, then got it ready for sale. It took 6 months between my dads death and the home sale, property taxes were almost $17,000 a year, plus landscaping, pool maintenance, general maintenance (needed new main waterline from house to street). It just needed to be done.

FIL passed in November (94). MIL couldn’t really live independently, so she’s paying $10,000 a month for assisted living. 5 siblings in total in 4 different states, folks are driving/flying in in 2 weeks for the clean out (some has been done already, it’s only a 2 bedroom 2 bedroom in a senior community). She’s 92, has enough money without the sale of the house for at least 7 or so years in here current residence. The longer we wait, the more that will go wrong (a/c went out last week).

 

[china mom]

Important message here is "as long as he is able to pay his bills". He is far better off selling, even at a loss, than having it sit there and losing his investment to taxes and insurance - which is what my DM is doing. And believe me, I know about the sleepless nights.

But this is a different scenario. The issue at hand isn't to hold the house or sell the house. It sounds like everyone agrees to sell it now and it will move quickly. The issue is to sell it privately or on the open market.

 

[clh2]

@clh2 have you tried to run your own comps just to give your father an idea of what fair market value would be? Or cal a couple of realtors on your own and ask them for a ballpark versus a complete analyses.

If he uses a realtor, commissions would run about 5-6% depending on your area. It would be fair to reduce the price by some of that if selling without a realtor but he should not discount below FMV minus commission.

Yes! I sent my dad 2 different things to look at, the first was a quick calculations on a house in his neighborhood, with a recent sale. The ratio simply compared the tax value and sales price of the house that just sold and calculated a sals price on his house.

The other way I told him was to calculate the cost of his house, using the sales price per square foot of the house that just sold. My dad’s house is bigger, plus has an office in the basement, plus an egress window, and took a stab at a value conservatively estimating my dad’s square footage.

The offer is supposed to come in early this week, so I really do not have time to coordinate conversations to realtors, before then, due to not being able to have this type of conversation at work.

 

[china mom]

Yes! I sent my dad 2 different things to look at, the first was a quick calculations on a house in his neighborhood, with a recent sale. The ratio simply compared the tax value and sales price of the house that just sold and calculated a sals price on his house.

The other way I told him was to calculate the cost of his house, using the sales price per square foot of the house that just sold. My dad’s house is bigger, plus has an office in the basement, plus an egress window, and took a stab at a value conservatively estimating my dad’s square footage.

The offer is supposed to come in early this week, so I really do not have time to coordinate conversations to realtors, before then, due to not being able to have this type of conversation at work.

You did a good job with the time/information you had. The only other metric I would include would be days on market. If the average DOM is <30 days (for correctly priced homes) he should not panic sell. If competitive houses sat fir months, he can take that into consideration.

 

[lovin'fl]

Honestly, I'd just want to be done with it the quickest and easiest possible. If the house is in need of renovations (my in laws are in their same house from like 1970 and it needs a lot of updating and renos) then even listing it may have trouble with the inspection and the concessions the buyers would want. That on top of the 5-6% commissions may take a chunk out of the price. And, OP, you would likely be left to deal with any realtor situation since the sister isn't interested in that.

If these buyers, though, were desperate to find a place you'd think they'd have moved quicker. Seems, maybe, they are just investment buying and want a deal, maybe to renovate and flip. In which case, it may be good to just get 'er done, so to speak. Gosh, I dread this...with inlaws (80 and 81) who have been in their home since like 1970. ANd it's in need of renovations and chock full of stuff (like bursting at the seems, lifetime of stuff horded). DH has 2 sisters and we live 14 hours away while sisters are nearby. Gonna be fun with that. I already dealt with my own mom (moved her out of 30 year home into new villa, purging all her junk). That was a 5 year ordeal I did all on my own (no real sibling help), but at least she used a realtor and that part was easy. But I am NOT all that interested in being involved with the in law situation down the road. I will push for the easiest and quickest option and if the other 2 siblings are against that, then I bow out and let then do it how they want.