Desperate Times Call for Desperate Sales Strategies

The housing market, like pretty much any market, has its share of ups and downs. Currently we appear to be on the downward trend around here and that it evidenced by the fact that sellers are finding more and more creative ways to convince people to purchase their property versus another. In recent months I have seen ads for people offering free fee payments for a year (as in condo or neighborhood association fees). I have also seen ads where the purchase of the advertised property will also get you a free plasma TV or other set of electronics. I've even seen ads for people offering up sports cars as part of the deal. But I think Bob and Ricki Husick of Pittsburgh, Pennsylvania have a deal that takes the cake.

According to the offer, they are requesting $399,900 for their four-bedroom, 3 1/2 bathroom home on the outskirts of Pittsburgh. The house has been on the market for nearly a year now and so the Husicks decided to step up their offer a little and go the route of The Godfather, basically making an offer that they hope no one can refuse. In this case, the Husicks are offering to pay back the buyer the full value of the house at the time of purchase upon their death. Yes, you read correctly; if you buy the house from them, after they die, they will give you the full price of the house back. They are even attempting to sweeten the deal even more by stating that if the buyer agrees to help take care of them in their old age or after their retirement, they will be named the inheritors of the Husick's retirement property in Arizona as well as their earnings. According to the Husicks, "if it amounts to $2.5 Million then it's all theirs." The Husicks have no heirs so they figure they have nothing to lose by making the offer.

I think this speaks volumes about the current state of the market if a couple is attempting to sell for a year and realize that the only way they'll be able to sell their property is to 'buy' a buyer. I don't think it's a bad idea really. They have no one else to give their money to and rather than letting it go after they pass on, the Husicks are at least guaranteeing that they have someone to inherit their life's gains. From a buyer's standpoint, it will be a relatively sweet deal though I wouldn't jump in on the deal simply because I have the potential of getting the money back. Life expectancy these days is quite long and the Husicks could conceivably live for a very long time. Then again it's not a deal that seems to have any drawbacks on the surface. I mean if you can afford the house and the mortgage, why not? Every dollar you pay into the mortgage is potentially coming back when you receive your money.

And what about the 'taking care of us in old age' portion? I don't think that's a bad deal either. If I read the news article correctly, the Husicks have a retirement property in Arizona so it's not like they would be living with the buyer in the Pittsburgh home and having 'relatives' like the Husicks wouldn't be so bad would it? I mean I'm sure they're nice people so what's the harm? Who knows? A market downturn technique to bolster sales could lead to a potentially new friendship that could last a lifetime. After all, if it means a potential windfall in terms of income after you purchase the property, why wouldn't you at least consider it? I would.