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Family Dilemma

 family dilemma

 

How would you handle this situation? 

 

Parents are recently deceased and there is a large family home in serious disrepair that needs to be dealt with.

Multiple agents have been interviewed.

Family is looking for answers. How much do they put it on the market for?

The neighborhood is very hot. Offers are made sight unseen for the location.

But...

there is a family member who wants to purchase and live in Grandma's house and is willing to do the work.

But at what price do you let this relative have the property?

What price would the open market bring? What would be fair to all the family members?  

 

One solution: Have the family member get qualified and make their best offer. Then exclude this relative in the listing agreement.

 

 excluded party listing

 

The MLS may read 'excluded party'.

The excluded buyer may be for a specific amount of time.

If the relative completes the transaction...there is no commission to the agent.

Would you take a listing like this?

 

Margaret Rome

 

 

 

 

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Broker-Owner HomeRome Realty 

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Author of Real Estate the Rome Way

mrome@HomeRome.com

410.530.2400

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Comment balloon 7 commentsMargaret Rome, Baltimore Maryland • December 31 2017 03:40PM

Comments

Good morning, Margaret Rome, Baltimore Maryland you have the answer.... there are many other answers but you'll probably not be in good standing with some of the family members.... that's the fair way and you will have a signed listing agreement.... 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 9 months ago

You probably have the best solution for the circumstances, Margaret.  I'm actually dealing with a similar situation within my own extended family.  The market isn't so hot, though, so we went with multiple appraisals and took the average. 

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) 9 months ago

Happy New Year, Margaret.  It's going to be another great one!

Posted by Carol Williams, "Customized Mentoring & Marketing Services" (U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business.) 9 months ago

I have always said that family is the most difficult sale to deal with. On my mother's home I just asked my brother and sister for a buy out and they could do what they wanted.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 9 months ago

With a very limited time exclusion yes I would take it. If the family member can't make it happen in 2-4 weeks, then it isn't going to happen. I have seen this many times and the family member usually doesn't or can't follow through.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 9 months ago

I think the fair thing to do is to just get it listed as normal and charge the normal commission whether or not the family member buys it.  Then you have it exposed to the market and everyone is happy.

Posted by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage) 9 months ago

Tim Maitski And I think the fair thing to do is too exclude that one family member. Thanks for stopping by.

Posted by Margaret Rome, Baltimore Maryland, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) 9 months ago

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