Buy This House -- With the Seller Still In It

Filed under: News, Buying, Lifestyle, Selling

A man is selling his long-time Los Angeles home for $899,000 -- with a catch. He wants to be able to live in his bedroom off the kitchen with his wife, rent-free, for the rest of his life. Timothy Bopp is in his late sixties; his wife is in her eighties. Bopp has lived in this 3,396-square-foot home his entire life and simply wants to spend his final days here.

The other four bedrooms are currently rented out to tenants, and the home's asking price is substantially below similar listings in the area, which run between $1.3 million and $1.4 million.

Listing agent Kristle Breland of the Keller-Williams Brentwood office says that the low price has generated a lot of interest, and she's been fielding questions about Bopp's health and even his life expectancy. But she declines to discuss those things out of respect for her client.

She said that he has a conservator who manages his affairs and that Bopp and his wife are "a nice quiet couple who keep to themselves" in the house.

The real kicker: Bopp owns 72 other properties in the greater Los Angeles area that are being listed for sale, so he is clearly a man of means who could spend his final days in more comfortable accommodations than his 1927 home, which is in need of a major remodel.

Breland says that Bopp has a strong emotional attachment to the property, which has been in his family for generations. "He is just not ready to let go of his home," she said.

The listing offer gives Bopp a life estate in the property and stipulates that he may remain in the property at no cost to him or his estate for the remainder of his life. If he pre-deceases his wife, she would remain in the home under the listing offer.

When asked who she envisions the buyer to be, Breland said "hopefully someone with compassion."



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Source: http://realestate.aol.com/blog/2011/08/31/buy-this-house-with-the-seller-still-in-it/

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