My parents need help!

[yellow heel]

Re: My parents need help!

Gruntina- I wouldn't consider this as an investment also. Its possible it will not work out in the long run. I am thinking that I can help them until the market gets better so they will be able to sell the house and take any profit for their retirement.

Staceyy- Knowing my parents, I don't think they will go for but I will definitely bring it up. They love the house and and take very good care of it. They would hate to see someone else ruin it.

disneysteve- If they do decide to rent it out, I can help them out with the down. I just hope we will find a good way out of this hole.

tabbycat31- the house is a pretty good size (5 bedroom). They got the house so everyone in the family can come back and have a room of their own (yes, they are like that).

Once again I really appreciate you guys' help and I will keep you posted on what we can come to an agreement on.

[cbird01]

Re: My parents need help!

Hey Yellow - I think you need a better assessment on how much the house is worth and how much it will cost to sell it. There was a softening of the market in 2006 in the Bay Area, just like the rest of the country. Markets are stabilizing though.

You should contact a Realtor and have them do a Comparative Market Analysis for you. They know the market conditions best. Your parents are never under an obigation to list, and it will be good piece of mind to know exactly where you stand. They can give you a "Net Sheet" so you would know exactly how much commissions and closing costs will be.

Find one through a referral by a friend that has used their services. If you can't find one there, then use an agent that has the CRS designation. They are the most experienced agents - http://www.crs.com/Find_A_CRS

I agree that they really need to consider downsizing. Let's face it, as the family grows older, how often is everyone going to stay at their house all at the same time? They need to face the facts that they have an "empty nest".

[yellow heel]

Re: My parents need help!

Thank you for the helpful info cbird01. Do you know how much it will cost to get it evaluated?

I can see that the consensus is to sell the house and downgrade. If we can get it evaluated and if the price is not too bad I might be able to convince them to sell it and move on with their life. Its sad but parents will always be parents...

[cbird01]

Re: My parents need help!

It does not cost anything. A Realtor will come out for the opportunity to sell the house. Just do not call out of the yellow pages. You do not want a beginner. Most agents are very honest, but some will tell you it is worth more than it really is so that you list with them, then turn around and have you lower the price. So, USE A CRS, or an agent that comes highly recommended from a reliable source that actually used their service to sell a house.

I can make a few calls and find a good agent for you that will not charge you and be up front about the realistic market price. Let me know and I will have a name for you tomorrow morning. What part of the Bay Area?

Remember, they should do this even if they think they are not going to sell. You need to know.

[yellow heel]

Re: My parents need help!

Thank you for the kind offer cbird01! My parents live in San Diego, not in Bay Area (which makes it even harder).

[cbird01]

Re: My parents need help!

I have some contacts there that can help also. You can send me a PM from My Control panel or cbird*01 at E*arth$link . n#et take out the symbols.

[Elgin526]

Re: My parents need help!

I'd make sure they aren't in any other financial trouble first before helping them. Are they also racking up huge CC debt? Are they still eating out, taking vacations, buying clothes and other consumer goods? If they are still spending like your dad has a job, then they are in even more trouble than you think!

If they've cut down to the bare bones and they're just having trouble making ends meet, then that's one thing. But if they're still spending money like there's no tomorrow, then I wouldn't send them a dime untill they got their act together. It wouldn't be helping them, just enableing them.