Reply to Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan

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Reply to "Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Has anyone actually identified this new “safer place to live”?  If the expectation is that your in laws will sell their home without any idea what the future options might be, I don’t think that’s realistic, or healthy, or kind.  Perhaps some in — or outside of — the family could take the step of identifying for them what their wish lists and non-negotiables might be — should they leave their home, and identify a few options that might meet these criteria. This might be a long and laborious process, but it probably will be anyway.  If they can see some positive aspects related to moving , that might help a bit. [/quote]

Thank you. This is a very thoughtful comment. Yes, we have spent time looking at other properties in the same small town they live in and have found several really great options. Their area has not been too severely impacted by the real estate crisis; you can get a 2500 square-foot one level new construction house for under $300,000. They could even continue to have water access with a home in the range of $400,000.[/quote]

I would look much harder at independent/assisted living places in their area.  If they are in their early 80s, they literally only have at most a few years before they will need much more help.  Moving them to another sfh really doesn’t help them.  It just puts them somewhere temporarily that they’ll have to again move from and lose transaction costs.

Do you know their monthly income?  Social security?  Any pension?[/quote]

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