From Homescape

Experts have predicted that home sales in early 2008 will be down more than 40 percent from their peak of a few years ago. And recent market reports show that some of the country’s major metro areas will see home prices plummet by 15 percent or more during this painful downturn. For obvious reasons, it’s probably not a good time to sell your house if you don’t have to.

But what if you’re faced with pressing circumstances that are forcing you to sell your home? Whether it is the need to relocate for a new job or to fit a growing family, some sellers just can’t afford to wait until the market improves. One Wisconsin home owner is offering a little extra incentive in hopes of a better chance at a quick sell. According to the Associated Press, Bob Fanning will make one lucky buyer the beneficiary of his 10-year, $500,000 life insurance policy.

The 69-year-old seller currently has his Whitehall, Wis. home listed at $498,900. If Fanning dies during the first 10-year period of ownership, the buyer gets to pocket the $500,000 payout.

To make sure that not every nut job in the country will be hiding out in Fanning’s bushes with a shot gun, his attorney has written a provision voiding the contract if someone knocks off the homeowner or if he commits suicide.

Fanning’s real estate agent says his client is “an outside-the-box thinker” and believes the gimmick is a clever way to attract buyers in a sluggish market. I say it’s more like inside-the-casket thinking.

Offering a complete stranger the chance at $500,000 is a bit extreme. Not to say he’s going to keel over and die next month, but 69 isn’t young and once you tack on 10 more years, you’re chances of ill health exponentially increase. But even Fanning’s wife is standing by her husband’s decision, and the couple says it’s a risk they’re willing to take in this cut-throat housing market.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.