Trouble with relatives. Trouble with non-relatives. Trouble with ex-relatives. Seems as if the mail has been full of it lately. I'm sure most family real estate matters work out just fine, but those aren't the ones I read:
WORRIES PRICE IS TOO LOW
Ms. Lank: A family house needs to be sold. It is being sold "as is."
Three real estate agents were contacted. Two said the property should be listed at $220,000 to $230,000, with an expected sales price closer to $200,000. The third suggested listing at $170,000. The family member with authority chose the third agent.
There doesn't seem to be much interest. Is it possible for a price to be too low? Because of the large size and favorable location, might buyers think with such a low price that there must be something terribly wrong with it? If so, how long should we wait (after the current agent's contract expires) to relist at a higher price? -- e-mail
Answer: Sorry to step into a family disagreement, but trust me -- if it won't sell at $170,000, relisting at $230,000 will just be a waste of time. Your "family member with authority" is on the right track.
The price is not too low, quite the contrary. If the property has been on the market for at least a few months, buyers simply don't think it's worth what's being asked. Other agents' estimates don't matter, and I’m afraid that what you hope to get doesn't count. Buyers determine value.
By the way, "as is" means the buyer agrees to accept any known problems. That doesn't relieve sellers of liability for any undisclosed defects they knew about.
GRANDDAUGHTER WON'T SIGN
Dear Mrs. Lank: Two years ago, my doctor recommended that I move somewhere warmer. I signed over my house to my two grandchildren and went to Florida. But it doesn't agree with me and I want to come back home. The boy readily agreed to sign back my house, but the girl wants $50,000. I don't have the money. Can you help me? -- D.
Answer: All I can do is tell you to consult a lawyer. I fear, though, that you'll be told you can't take back a gift. Please do let me know what happens.
THINGS LOOKING UGLY
Ms. Lank: I inherited half-interest in approximately 10 acres in another state from my father. I want to sell, but my cousins (a married couple) who own the other half do not. They also refuse to negotiate purchasing my half. They say I cannot sell my half without them. If I don't want to pay for upkeep and property taxes of the property indefinitely, they say I should give my half to them or another family member. Things are looking a bit ugly. What are my options? -- e-mail