I am sorry you feel caught in the middle of this, but please try to reject the guilt. You are trying to help, and making rational, logically choices that make the most sense. Unfortunately, you are dealing with elderly folks who are set in their ways. Logic doesn’t compute in their brains right now.
I have been through this, and it took a fall (and broken hip/leg) to get my mom out of her house and into assisted living.
I don’t think we’re helping @sylvan8798. She has said they do not do not do not want to move, and she’s trying to make the best out of that. We’re all giving her ideas on how to convince them to move, but she’s trying to deal with the reality that they are not moving and has asked for advice about the real estate implications.
So – they may lose some money on the deal. Can they handle that? Or do they need that money to live? If they can handle it, then I guess you just move forward, grit your teeth, and lose the money. If the latter, then renting out may be a reasonable alternative for a while.
If owning 2 homes is not an option due to tight finances, then search for the most aggressive realtor that also knows the neighborhood you are trying to sell in. Folks in the real estate business have seen it all, and a professional will not be phased by your situation.
You might have to pay more to unload the house quickly, maybe pay a bonus incentive for a sale in the first 30 days?
Sylvan, what is the real estate market like in your area right now? Around here, this is a very good time to list houses for sale.
Is there anything small and inexpensive that can be done to spruce up the ranch for the current lisiting…painting or mulching the planting beds, or something? That might yield a better resale price.
Did your in laws get this house for a decent price?
If it doesn’t sell, is there a rental agency in your area that could help with rental if necessary?
It’s a pretty good time to list right now, as the supply is low. It’s also a high-end ranch in an area where that’s not so common. When they contracted to buy, the house was only on the market for 2 days, and it was mid-winter. They have plenty of money and are paying cash for the house, so that’s not really an issue, as much as FIL is freaking out about it. Just less for us to inherit ;). Since H and BIL are landlords many times over, they could deal with the rental, but I think FIL would absolutely refuse to do that. As powercropper said, logic doesn’t necessarily compute right now.
It’s absolutely my fear that we will have a worse situation to deal with down the road that would be made easier if they moved now.
How close are these two houses to each other? Could your MIL contemplate moving to the ranch house for convenience, but pottering in her gorgeous garden at the other place whenever she feels like it? If that would be a possibility, then present the notion of living in the rancher for comfort, and finding renters for the other house who won’t want to do anything about her garden.
I can sympathize with both you and your MIL. I’d hate to have to leave behind a place that I had personalized so much, but I also understand the convenience of one-floor living.
Either way you will have to take a loss. Maybe relist the new house at a higher price will cure the problem, the lessor than the two evils. Otherwise you may get into some lawsuit you do not wish to be engaged.
My inlaws purchased a downsized house about 8 years ago. I knew they were not going to move. MIL was not going to be able to decide what to take and what to get rid of. I also knew FIL was not ready to make the move. They did a major remodel and furnished the house. My FIL never slept 1 night in the new house. They decided to rent it out. It is a great location with an unobstructed ocean view and they get a premium rent. At this point it makes them money. I think my FIL never intended to move. He wants this house for my MIL to live in once he is gone.
Every year they go back and forth about looking for another downsize house with a view. A useless idea since I know they aren’t ready to go anywhere.
Can H and BIL buy it from them and rent it out?
Great idea mom2! They should find out what rentals go for. Hopefully there are no restrictions by the community. My dad. Has now spent almost a week sleeping on the sofa at the “old” house fixing every minor detail before he will list it. The listing is ready and contracted, but he won’t let them post it or show it yet. Sounds like this is a fairly common problem.
Of course have a lawyer look at the contract! Maybe they could negotiate a buy out amount. The sellers want out , but maybe there is a price they will go for, plus prices may have gone up and they could maybe get more for their house.
Maybe the sellers have a back up offer. Worth a call to find out.
I sympathize with your inlaws. I actually have recurring nightmares in which I am forced to sell my house. Probably because at one point we almost had to. It was actually listed, briefly, very much against my will.
For an unobstructed ocean view, I’d probably give him an ultimatum. That would be my dream home.
I’d look at that contract really closely. We had buyers pull out of a contract. Their reason? We had allowed them to go over there before closing, and have a blessing ceremony with their family. Apparently it didn’t pass the sniff test…wayyyy too much beef eaten there, and the juju fairies didn’t approve. I know that sounds snide, but that’s pretty much what it came down to. Fortunately our realtor talked to the other people who made an offer, and they still wanted it. When I asked my realtor about keeping the deposit, he laughed and said, “Out of all the deals that I’ve seen fall through, I have NEVER seen someone be able to keep the deposit.” This is the state of Washington. What does their realtor say?
Honestly, I’m not sure anything could be charged to them besides the deposit, you really need to talk to someone, quickly. Plus, they might not even lose it, as I’m sure it’s not easy to keep the deposit. They could lose plenty of money on realtors fees, closing costs and fees when selling a house so quickly.
As far as them knowing the sellers, well, if the sellers are friends with them and know they don’t want to go through with it…sounds like they are being jerks by refusing to let them out of the deal, even though they are offering the deposit. So they certainly aren’t respecting the friendship. Plus, it’s not like the sellers have a choice about whether they pull out or not.
I’d like to follow up on busdriver’s point. I hear all the time that sellers never get to keep the deposit, no matter how in violation of a contract the buyers were. Why is that? And why bother with a deposit if it does not bind the buyer?
In California, there are so many ‘outs’ a buyer has in the contract. Very few 'outs ’ a seller has. There are three or four contingency release points where a buyer can cancel. They can pretend that they didn’t get their loan approved or something. Also, in order to relist house or open a new escrow, the original escrow has to be cancelled. Unfortunately escrow companies cover their butt and require signatures from both parties. Buyers will hold back their signature in order to get their deposit returned.
Update and vent: In-laws closed on the house, decided they won’t move, and put it back on the market. It has now had open house for the past 7 weekends and had only one too-low offer. So I continue to battle feelings of guilt for having gotten them into this mess.
Meanwhile SIL has arrived for vacation and proceeded to regale me with how FIL/MIL are saying this is the worst mistake ever made in the history of mankind, the house is a horror, etc, etc. I feel helpless to mitigate the situation, even as I continue to go the house to weed, etc, and, of course continue to worry about being sandwich meat if their precarious physical situation worsens and they need major care from us. If she starts yapping in front of D, she will get an earful. Otherwise, I want to go pound my head on the wall 
I’m sorry that things are still rough. I can understand feeling guilty (I feel guilty about practically everything) but I think it would be good to remember that your in-laws have the capacity to make their own decisions and that they got themselves into the mess. I get the impression that your in-laws are the kind of people who will take advantage of your guilt, if they can sense it, so try to not let them know how you feel. “Oh, yeah, too bad about the house. Yeah, you changed your mind. That happens.” and then change the subject.
Yes, do try to see their role in this situation. I am beginning to think that they are just angry and confused and you are a handy target. This was a group project not you dictating to them. You may well have had strong opinions but they still did not have to go forward when then got cold feet.
Is there something especailly wrong with the house that it is not selling? Is it staged? Is the realator doing a good job?
^The house has kind of a niche market. Ideal for a couple with no kids, a family with a disabled member, or older individual(s) wanting a ranch. Price is high for the neighborhood, but the interior is more high-end. Right now it is empty, but shows fairly well. The realtor has dedicated a lot to having it open every weekend and to showings.
The siblings make me crazy, and I have a feeling it could be an unfortunate foretaste of future events dealing with their estate once the in-laws are gone…