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My mother is 78 years old and was widowed a year ago. My dad made ALL of the financial decisions, so my mom is now completely lost and extremely gullible. Mom is confused and forgetful, and I fear she may be developing senile dementia.
My mom's name is on the deed of the home I've lived in and rented from my parents for the past 20 years. I told my mom IF we ever need to sell the home, I'll contact a realtor and take care of things. I want to get top dollar; not get scammed. It's a nice small home in San Francisco, in a very good neighborhood.
My mom knows NOTHING about buying or selling a home. Mom was given the name of a realtor by an 'acquaintance of an acquaintance'. I have a bad feeling about these people. My mom is way too trusting.
The house is NOT even listed for sale on MLS or Zillow. Also, the realtor has never once contacted ME, and I'm the person who is living in the home.
Suddenly my mom calls me up and tells me that she has gotten a couple of sight-unseen 'offers' on the house. (The sight-unseen part seems very shady to me.) I understand that there are investors out there, but who would buy a house without even seeing the inside of it? I also have no idea how these potential 'buyers' are even aware that the house is available, since the house is NOT listed for sale anywhere on the Internet or elsewhere.
I did a bit of research on 'sight unseen' real estate deals. Some are 'foreign investor' scams. Or 'domestic investor' scams. Even IF legit, if you sell a house sight unseen you are likely to get about 30% less than if you showed the house on the open market.
Indeed, Zillow is estimating that the house is worth about $950,00. My mom just got an offer for only $700,000 and she's ready to sign it away!
I do have ONE brother who is extremely greedy and I know that he is putting heavy pressure on my mom to take any hasty lowball offer. This brother just changed my mom's will, behind everyone's backs. This brother also hates me and would love to see me lose the home. My OTHER brother is on my side.
My mom is NOT in desperate need of money, so why the rush?
I also don't like the fact that this is all being done behind my back. Does the realtor have any ethical obligation to contact me? My name is not on the deed, but I have lived here for 20 years. I'm not sure what to do, at this point. Thanks for any advice or opinions about the realtor's behavior and possible scams.
I'm a big believer that you don't know what the max sale price is until you get the house the most exposure to potential buyers possible. This of course means you need to put it on MLS and aggressively market it. If the agent isn't doing that, then they're not doing what's in the client's best interests. The exception to this is if the client has requested a more low key marketing plan. Some people do because they would rather less hassle than more money.
You'd really have to talk to your mom to see what the reason behind this course of action is.
Quote:
Originally Posted by marilyn14
Indeed, Zillow is estimating that the house is worth about $950,00. My mom just got an offer for only $700,000 and she's ready to sign it away!
I wouldn't put any stock in Zillow's Zestimate. It's wildly inaccurate. It could be high, it could be low. It could be off by $1, it could be off by $1M. You just never know. So, the disparity between the Zestimate and the sale price doesn't tell anyone anything.
Quote:
Originally Posted by marilyn14
I also don't like the fact that this is all being done behind my back. Does the realtor have any ethical obligation to contact me? My name is not on the deed, but I have lived here for 20 years.
You don't own the house. No one has any obligation to talk to you what so ever. As a courtesy since you live in the house, you would be alerted to showings. That's it though. In fact, an agent could get into serious trouble for discussing someone else's private matters with you.
Nothing at all uncommon about sign unseen investors where I live. As for speaking with you, the agent has no reason, nor obligation too. Now, if your mother is indeed senile or developing dementia, then you need to get that documented by a doctor, and if true, then you need to sit down with your family and figure out what is best for her. If she has signed any contract, then you need to speak with a lawyer with experience in dealing with elder care matters.
My mother is 78 years old and was widowed a year ago. My dad made ALL of the financial decisions, so my mom is now completely lost and extremely gullible. Mom is confused and forgetful, and I fear she may be developing senile dementia.
My mom's name is on the deed of the home I've lived in and rented from my parents for the past 20 years. I told my mom IF we ever need to sell the home, I'll contact a realtor and take care of things. I want to get top dollar; not get scammed. It's a nice small home in San Francisco, in a very good neighborhood.
My mom knows NOTHING about buying or selling a home. Mom was given the name of a realtor by an 'acquaintance of an acquaintance'. I have a bad feeling about these people. My mom is way too trusting.
The house is NOT even listed for sale on MLS or Zillow. Also, the realtor has never once contacted ME, and I'm the person who is living in the home.
Suddenly my mom calls me up and tells me that she has gotten a couple of sight-unseen 'offers' on the house. (The sight-unseen part seems very shady to me.) I understand that there are investors out there, but who would buy a house without even seeing the inside of it? I also have no idea how these potential 'buyers' are even aware that the house is available, since the house is NOT listed for sale anywhere on the Internet or elsewhere.
I did a bit of research on 'sight unseen' real estate deals. Some are 'foreign investor' scams. Or 'domestic investor' scams. Even IF legit, if you sell a house sight unseen you are likely to get about 30% less than if you showed the house on the open market.
Indeed, Zillow is estimating that the house is worth about $950,00. My mom just got an offer for only $700,000 and she's ready to sign it away!
I do have ONE brother who is extremely greedy and I know that he is putting heavy pressure on my mom to take any hasty lowball offer. This brother just changed my mom's will, behind everyone's backs. This brother also hates me and would love to see me lose the home. My OTHER brother is on my side.
My mom is NOT in desperate need of money, so why the rush?
I also don't like the fact that this is all being done behind my back. Does the realtor have any ethical obligation to contact me? My name is not on the deed, but I have lived here for 20 years. I'm not sure what to do, at this point. Thanks for any advice or opinions about the realtor's behavior and possible scams.
Just a note - no one can change someone else's will. If your brother spoke to your mother, and your mother decided to change her will based on that conversation - that's your mother changing her will. Not your brother changing it.
If your mother is incompetent, then that requires medical evaluation, etc.
As far as the house, as you don't own it, as other's have pointed out it doesn't matter that your a long-time renter. Possibly, they would have to consider your tenancy in light of occupation of the home (I don't know what California's eviction statutes are), but that would be no different than any landlord selling a tenant-occupied property (i.e. the familial relationship is beside the point).
OP...time to sit down and have a heart to heart with Mom.
Your might get Power of Attorney from her if you feel, and she can be convinced, that her ability to make decisions on her own might not be fully functional.
Otherwsie, it sounds like a family mess which, while painful in the short term, I would stay as far away from as possible.
Just make sure that dear brother "inherits" the liabilities as well as the assets.....if you know what I mean. He sounds like the kind that will call when the "dirty work" (like caring for elderly Mom) needs to be done.
If your mother is experiencing early signs of dementia, I would encourage you and the family to take immediate steps to get thorough estate planning. A Revocable Living Trust should be fully considered, and appropriate Power-of-Attorney and/or Trustee status clearly established. Dementia can advance very rapidly, so your family needs to take steps now while your mother is hopefully still cogent. While a will may be appropriate, it could also be more expensive and time consuming than a Trust. Plus, since there may have been undue influence in the writing of the will, it's really up to the family to make sure that appropriate succession planning is established. Your issue seems to involve more than just the house you are living in (which poses an obvious conflict-of-interest for you). Best wishes as you try to work these things out with your family.
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