Local: Independence, WI  (change)

 | 

Join the Topix community today: 

Sign Up

 | 

Sign In

Advertisment
Independence, WI

Unusual twist on Wis. home sale

Bob Fanning is betting someone takes him up on a package deal: buy his western Wisconsin home for $498,900 and also become beneficiary of a 10-year, $500,000 life insurance policy.

Read All 7 Comments

Comments

Showing posts 1 - 7 of 7
InquireWithin
Hopkins, MN
Reply »
|
Report Abuse
|
Judge it!
|
#1
Apr 4, 2008
 
He'll probably live past 150 yrs.

and the people who got suckered into this

deal will probably go into foreclosure within 1 yr
Keith
Saint Paul, MN
Reply »
|
Report Abuse
|
Judge it!
|
#2
Apr 4, 2008
 
The insurance company will have a legal loophole and never pay on the policy. Fanning would be dead so you would have NO legal recourse.
Jerry
Menomonie, WI
Reply »
|
Report Abuse
|
Judge it!
|
#3
Apr 4, 2008
 
Nice house.... I just may look into this...open a home based business.......... many write offs...
Maybe a retreat for Viking fans..
annie nickel
Saint Paul, MN
Reply »
|
Report Abuse
|
Judge it!
|
#4
Apr 4, 2008
 
i feel a made for tv movie coming on - or at least court tv when the dude gets murdered before the ten years is up.
how does a 79 year old guy have a life insurance policy of that size anyway? And is he single?
Boston
Cottage Grove, MN
Reply »
|
Report Abuse
|
Judge it!
|
#5
Apr 4, 2008
 
annie nickel wrote:
i feel a made for tv movie coming on - or at least court tv when the dude gets murdered before the ten years is up.
how does a 79 year old guy have a life insurance policy of that size anyway? And is he single?
uh, 69 year old, not 79 year old and he's probably had the policy for awhile.
jenny
Saint Paul, MN
Reply »
|
Report Abuse
|
Judge it!
|
#6
Apr 4, 2008
 
unusual sales tactic. kudos to his creative imagination. gives the seller some money to enjoy his last years of his life. and gives the buyer a home (in whatever condition-albeit overpriced in current market) a place to reside.
it is a gamble on the buyers side based on lifespan tables that he has a better than 50% chance of outliving his term insurance policy; remember the sellers health has to be good enough to qualify for the insurance.
if the home is in great location and shape,(now that he has free publicity) he should lower the asking price and sell to someone who wants the place.
Brent Jeffries
Minneapolis, MN
Reply »
|
Report Abuse
|
Judge it!
|
#7
Apr 5, 2008
 
Good grief. He's probably another one of those western Wisconsin recluses, the kind with old beatup cars all over the front yard and a family of raccoons living with him in the house.
Showing posts 1 - 7 of 7
Type in your comments to post to the forum
Name
(appears on your post)
Comments
Type the numbers you see in the image on the right:

Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Other Recent Independence Discussions
Topic Updated Last By Comments
Teen Charged After Car Hits House (from Dec '06) Sep 5 brittnny 2
Man Gets Maximum Sentence For Killing 5-Year-Ol... Sep 5 brittany 4
Mondovi man charged with child sexual assault Sep 2 None 2
Sugar 'N Spice open house a success (from Feb '07) Aug 31 anne 8
Barron County Courthouse Report--July 30 Aug 15 Ardy 1
Review: Ashley Furniture Ind Inc Aug '08 JOHN SAURER 1
Ashley Furniture employees challenge treatment ... Jun '08 fav99K1 1
Related Topix Forums: Real Estate, Housing