Selling a home can be emotionally difficult. There is so much background work to do and moving parts to deal with that it’s easy to feel overwhelmed right from the beginning. When the home isn’t your own, these challenges rise to a whole new level.
When an older parent or relative becomes ill or suddenly passes, you want to take time to heal and be with your family. Attending to the details of a real estate transaction is likely the last thing you want to deal with. As difficult as the process can be, selling the home is often the best step to help your family move forward. In this post, we’ll provide you with some valuable guidance to help you through the process as seamlessly as possible.
Is discretion important when selling your loved one’s home? Learn more about our Private Collection service right here.
Plan for the Long Term
Drew Woolcottt, our broker of record at Re/Max Escarpment Woolcott Realty Inc, reports that “Selling a home suddenly for an elderly parent can be very tough on clients. When you’re not prepared in advance, it can be tough for all involved.”
There are a number of important and crucial items to keep in mind to ensure the property’s best interests are kept intact during the sale and that emotions don’t override these decisions. Planning as many details in advance will not just make the process easier, but also faster, less painful, and even more profitable.
Will you need to be a Power of Attorney or Executor before selling your parent’s home? Learn more in Selling a Home for Someone Else? Here’s What You Need to Know.
Ensure Wills Are in Place
The loss of a family member is hard enough. With no Will in place to provide clear instructions, it can be even worse. It’s not just family conflict, but probate will also take longer. In the end, more of your loved one’s financial resources could end up with the courts instead of their beneficiaries.
The best way to protect your loved ones is for everyone in the family who has assets or owns property to have an updated and clear Will. Woolcott Real Estate recommends speaking to a lawyer who specializes in estate planning to help guide you through the process.
If you or your parents have been out of the real estate market for a long time, the posts below will help you be a more educated seller:
- What’s in Your Listing Agreement?
- What Real Estate Lawyers Do
- How To Negotiate A Real Estate Contract
Contact the Bank or Mortgage Holder
Since many people don’t intend to suddenly sell the home, mortgage penalties may be the last thing on your mind. An unexpected sale can change all of that. Often, there may be extra costs when breaking a mortgage early.
Sit down with your parent’s mortgage broker or bank to determine how much they still owe, and what, if any, penalties you may face. This might also be something to negotiate next time the mortgage comes up for renewal!
Keep Account Numbers in One Place
One of the most difficult challenges when someone suddenly gets too ill to manage their affairs or passes away is to find all of the account numbers associated with everything. When selling the home for someone else, you’ll need access to financial documents and all utilities to be able to close the transaction.
Your loved one can help right now by making a list of everything and keeping it all in one place. This will also help to manage any unexpected costs and ensure a smooth closing.
Are you ready to list your parents’ home? The posts below will help you to prepare to dazzle potential buyers:
- A Back to Basics Guide to Maximizing Your Sale
- Worth It or Not? What Renovations Really Help When Selling Your Home
- Our Full-Service Real Estate Team’s Guide to Marketing Your Home
Declutter the Home
Cleaning out your loved one’s belongings is another emotional challenge. It’s hard if they are still living and moving to an assisted living facility. If they have passed away, the emotions are even more raw.
That said, you’ll need the home to be clean and show-worthy if you want a successful sale. Fortunately, help is available. Your friends and family members may be able to chip in. If the task really gets to be too much, a professional cleaner can take over and have the house looking beautiful before you know it.
Do you need extra care and guidance when selling a family member’s home? Our top Hamilton and Burlington real estate agents have worked with countless families who have had to sell unexpectedly. Reach out to us here or call 905-332-9223 for more information.
