A Unique Buy Incentive (insurance, sellers, house, buyer)

[middle-aged mom]

Mary Umberger is a real estate columist for the Chicago Tribune, on Sundays.

She reported yesterday, a seller who will make the buyer of his home the beneficiary on his ten year term $500,000 life insurance policy. Suicide and Murder will not pay out.

Can anyone top this?

Here's a link to some of Mary's articles although this one has yet to be posted.

Mary Umberger -- chicagotribune.com

[2bindenver]

wow. what an imagination.

[MikeJaquish]

Kind of like a life estate...
The Buyer is betting on how long the Seller will hold on...

Rather creative, indeed!

[CouponJack]

Originally Posted by middle-aged mom

Mary Umberger is a real estate columist for the Chicago Tribune, on Sundays.

She reported yesterday, a seller who will make the buyer of his home the beneficiary on his ten year term $500,000 life insurance policy. Suicide and Murder will not pay out.

Can anyone top this?

Here's a link to some of Mary's articles although this one has yet to be posted.

Mary Umberger -- chicagotribune.com

So, this is what the real estate market has come to?

Offering shady annuities on one hand, and rolling the dice on "life insurance" to hopefully con a gullible buyer on the other?

How pathetic it is that sellers resort to this, and don't lower their price on their POS homes....

[MikeJaquish]

Originally Posted by CouponJack

So, this is what the real estate market has come to?

Offering shady annuities on one hand, and rolling the dice on "life insurance" to hopefully con a gullible buyer on the other?

How pathetic it is that sellers resort to this, and don't lower their price on their POS homes....

Wow, what an interpolation of an unposted article.
Out on a limb here, but as reported to date, this seems to me to be ONE reported instance.
Not "...the real estate market..."

And since you are thoroughly familiar with the specific home, and can positively ID it as a POS, can you share the details with us?
We are holding our breath...

[CouponJack]

Originally Posted by MikeJaquish

Wow, what an interpolation of an unposted article.
Out on a limb here, but as reported to date, this seems to me to be ONE reported instance.
Not "...the real estate market..."

And since you are thoroughly familiar with the specific home, and can positively ID it as a POS, can you share the details with us?
We are holding our breath...

No need to get uptight, if you're familiar w/RE blogs, "POS" is a general term to describe overpriced homes that don't move.

I've just seen more and more of these creative "incentives" (LOL) that have popped up lately, there's a reason why....

[middle-aged mom]

Originally Posted by CouponJack

I've just seen more and more of these creative "incentives" (LOL) that have popped up lately, there's a reason why....

A lot of people like and pay more for gimicks, that's why.

[AnthonyB]

I think it is rather pathetic too. Sorry. And any person who buys a home on the chance that someone may die in ten years is pretty sad too, or a gambling addict. The only upside is that the guy is getting some media attention. One time gimmick though.

[Kevrltr]

In this market are trying to be inventive. I wouldn't want anyone wishing I were dead for $$$.

All the best!

Kevin O'Shea

[dixiegirl7]

This is a very iffy situation at best. First of all, it will be hard to prove to the insurance company that some stranger that buys your house has true insurable interest. Also, if this person has children or other family that do have insurable interest, they could take this to court and have it overturned upon the death of the policy holder. Lastly, who is going to guarantee the premiums are paid and the policy doesn't lapse?