ArcaMax

Dear Monty: We're seniors who've put our life savings into our home. A college here in town is buying up homes all around us. They made us a low offer and want us to take it. Do we have to?

Monty's Answer: You do not have to accept a low offer from the college buying homes in your area. As homeowners, you have complete control over whether to sell your property and at what price.

Colleges expanding their campus footprint often approach nearby homeowners with purchase offers. While this practice is legal, the tactics and pressure sometimes can feel overwhelming, especially for seniors who may not be familiar with real estate negotiations or their rights.

The situation you describe raises several concerns. The college has made what you consider a "LOW PRICE" offer, which suggests they may be trying to acquire your property below market value. This approach potentially takes advantage of seniors who might not fully understand their home's worth or feel pressured to sell.

Your home represents your life savings and likely has both financial and emotional value that a quick, low offer doesn't acknowledge. Before making any decisions, consider these important points:

No. 1: Get an independent professional appraisal to determine your home's actual market value. This gives you concrete information about what your property is worth.

No. 2: One opinion isn't enough to establish your price. Ask two real estate agents from separate companies for their written valuations with comparable neighborhood sales. Comparing these three different perspectives will make you significantly better informed when considering any offer.

No. 3: If negotiating with the college, have any written proposal reviewed by a real estate attorney who specializes in working with seniors. Many offer free initial consultations and can explain your legal rights.

No. 4: Contact your local Area Agency on Aging or senior services department. They often provide free counseling specifically for seniors facing housing decisions.

No. 5: Consider reaching out to neighbors in similar situations. Collective negotiation can sometimes yield better results than individual negotiations.

No. 6: Remember that eminent domain rarely applies to private colleges, and even public institutions face significant legal hurdles to use this power.

The college's representatives may be under pressure to acquire properties at the lowest possible cost. Their job performance might indeed be measured by how economically they can expand the campus. However, this is not your concern. Your priority should be protecting your financial security and making choices that serve your best interests.

Some colleges employ aggressive tactics like suggesting "everyone else is selling" or implying future construction will make your home unlivable or worthless. These are often negotiation tactics designed to create urgency and fear.

If you don't wish to sell, simply decline. If you are considering selling but want a fair price, make a counteroffer based on the opinions of value in your possession. Another option is to propose conditions like remaining in your home for a specified period through a sale-leaseback arrangement.

Your home is likely your largest asset, and decisions about it should never be rushed. While colleges serve important educational missions, they also function as businesses when acquiring property. Take your time, gather information, and consult professionals who work solely for you, not the college.

Richard Montgomery is a syndicated columnist, published author, retired real estate executive, serial entrepreneur and the founder of DearMonty.com and PropBox, Inc. He provides consumers with options to real estate issues. Follow him on Twitter (X) @montgomRM or DearMonty.com.

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