When it’s time to “SELL”…
YOUR PARENTS’ HOME
The family home is where most people want to remain as long as possible as they age. The memories, familiar surroundings and the fact that the home you grew up in most likely is paid for, makes it ideal for your aging parents.
However, each year brings unsettling decisions closer and closer as your parent’s health will start to deteriorate. Hopefully, the decline will be gradual and graceful, because an acute need for admission to a nursing home could mean the loss of your parents home due to the Federal Medicaid spend-down requirements. If you are facing this situation, you should seek a competent Elder Care Attorney immediately.
Over time, you and family members will become aware of your aging parent staying in their home are numbered – as they become confused, unable to maintain a large house, or accident-prone. The state of the economy could also be a financial matter due to rising taxes, costs of maintenance, and fuel cost that would make staying in the home economically impossible especially if a parent is living on a fixed income.
Things to consider in selling your parents home: If they have lived in their home for more than 20 years or more, the roof and major mechanical systems such as plumbing and electrical may not have been upgraded and in need of expensive repairs. The kitchen could be hopelessly out of date, and understand homes of a certain age do not have the number of baths today’s buyers demand. It’s very likely extensive and expensive repairs and/or remodeling would be required before the house can be sold for current market value. Therefore, you could be faced with the challenge of trying to sell an older home that is outdated to today’s demanding buyers.
First, try to get a Real Estate referral, or telephone a local Real Estate Company in their area and ask to speak to the office manager. Describe the property, and what you are looking for in a Realtor, the office manager will direct the call to the best agent available to meet your needs. Many Real Estate offices have designated licensed Realtor’s within their organization who specializes in working with seniors. They also help in organizing and staging homes.
Don’t hesitate to phone more than one Realtor especially if you feel the Realtor is not acting in your best interest. A good Realtor should be able to help with referrals, people who can help deal with your parents treasured heirlooms, furnishings, etc.
Financing has really changed, and most buyers today have the qualifications to afford the mortgage but are limited in cash for the down payment and closing costs. Many buyers need to finance some of the closing costs. This is called “Sellers’ Concessions” on the contract. The usual time–frame to close is 60 days from the date of a contract for sale.
Plan on normal difficulties of selling, coupled with the loss you may feel once the house closes. For many people this is the last step in settling a parents’ estate.