Couple Crafts a Novel Plan To Sell Home in Sinking Market
By Gerri L. Elder
A couple in Pennsylvania who have been unable to sell their home because of the stagnant housing market have come up with an idea that could benefit both them and whoever decides to buy their home.
Since the housing market collapse has been so devastating to so many people, Bob and Ricki Husick have come up with a plan so that they hopefully will not become a foreclosure statistic, and will be able to offer their buyer a sweet deal along the way too.
The Husicks own a 4 bedroom, 3.5 bath home in Pennsylvania that they are looking to sell so that they can move into their retirement home in Arizona. Since they have no children or other heirs, they've come up with a creative offer they hope will entice a buyer and maybe even more.
The person who buys the Husick's Pennsylvania home will be guaranteed a full refund of the purchase price after the Husicks die. If the buyer would also agree to take care of the Husicks in their old age, they would also inherit the Arizona retirement property. The properties have a combined current value of around $500,000.
Bob Husick, a former Wachovia mortgage broker, hopes that someone will opt to inherit both properties so that the couple will have someone to care for them when they get older. He is now 55 years old and hopes to continue working after the couple move to Arizona.
The Husicks want so badly to strike a deal with someone that they say they are willing to let their buyer write their wills to insure that it's not a trick and that they will inherit all of the Husick's property. Bob Husick says that the size of the estate could change depending on any long term health care that he or his wife may require, but the pair have been saving for retirement since they were 21 years old.
The home in Pennsylvania has already been on the market for 11 months. The Husicks are trying to sell the home themselves and so far have had no luck in the sluggish housing market.
They say that if a buyer wants a more conventional deal, they are willing to do that as well. The home can be purchased with no strings attached for $399,900.
Across the nation, existing home sales fell 8 percent in September, which is the larges decline in a single month since 1999 according to the National Association of Realtors. Median prices for homes have also been on the decline in 13 out of the last 14 months.
With such grim figures, sellers have been using free vacation packages, plasma televisions and other incentives to attract buyers. The Husicks view their offer as a grand incentive for potential buyers of their home. After all, a vacation might be nice, but it's not the same as getting a refund of the purchase price of the property.
In the Pittsburgh area, where the Husicks home is located, home prices have defied the national averages and have actually gone up. The median home price in Pittsburgh went from $109,000 to $123,000 between the end of Spring to the end of Summer.
Since the housing market is a bit more stable in the area, incentives there are rare, and offers like the Husicks are making are simply not found. Even though the offer is strange and quirky, for someone willing to wait literally a lifetime, it would be a good deal and the Husicks will likely find a buyer and possibly even a caretaker soon.