Selling your parent’s home can be a complicated task to deal with. You may be in this situation because you need the finances to pay for your parent’s care, to downsize, or to prevent the house from remaining vacant. Whatever the reason, selling your parent’s house can be very different from selling your own. There are different emotions involved that can hinder your ability to make wise decisions about the property. To navigate this process, here are 5 tips for selling your elderly parent’s house.
Obtain Power of Attorney
The first step towards selling a house that is not your own is making sure you have the legal right to do so. If your parent is alive but unable to carry out the duties necessary to sell their own home, you will need to obtain the power of attorney, or POA. A title company can be very strict in regards to accepting a legal power of attorney. To prevent running into any issues, draft a letter of competency to accompany the POA documents. This will signify that the elderly parent was capable of agreeing to the POA documents with a sound mind. Once you have successfully obtained the POA, you are free to proceed with the house selling process.
Thoroughly Clean the House
It is very likely your parent has lived in the house for a long time. If so, belongings may have accumulated over the years. Take the time to sort through furniture, clothes, and other items to get rid of anything unnecessary. You can donate the belongings or host a yard sale. If you have a strong emotional attachment to the items in the house, you may need to consider hiring a professional decluttering company. It could also be beneficial to remove any family photos to make the house more welcoming and approachable for a potential buyer. Taking the time to clean and organize the house beforehand will help the house sell faster.
Consider Making Repairs or Renovations
A house needs consistent upkeep to remain in good condition. This can sometimes be neglected if an elderly person has been living in the house. Before putting the house on the market, survey what renovations need to be made and if it is worth the time and effort to carry out those repairs. Cosmetic updates can make a large impact when it comes to selling a home. This includes curb appeal, which is the first impression a potential buyer will have when looking at the property.
Avoid Letting Emotions Interfere
Selling your parent’s house is not an easy task. It may be your childhood home, or the setting of many fond memories. This can cloud your judgement and cause you to perceive the house as more valuable than the actual worth given by the real estate market. Rely on someone with less emotional attachment than you to guide you through the process and keep you grounded.
Decide How You Want to Sell the House
Based on your unique situation, you will need to decide the best method for selling the house. There are different challenges associated with selling a home in which you do not currently reside. If you choose to work with a real estate agent, this could allow you earn more profit. However, commission and closing fees will be taken from the overall sale price. Selling the property yourself will avoid commission but will significantly reduce the amount of exposure the house receives and can include a lot of paperwork. Another option is to sell the house to a professional home buyer. This is a fast and easy process and can help you avoid repairs, decluttering, and showings.
Making decisions about a house that you do not own but are managing calls for a diligence different than selling your own home. There will be more steps involved as you will need to ensure you have the legal authority to sell your parent’s real estate. You may also need to put in extra work to clean or repair the house. Selling your parent’s house often has an added level of difficulty because of the emotional attachment. Overall, you will need to choose which method of selling the property is right for your situation.
If you are interested in selling your parent’s house but don’t want the hassle of the real estate market, consider selling it to a professional home buyer. 365 Property Buyers will give advice and help you sell the home for cash through a quick and easy process. We buy properties in any condition and in any situation. For more information or to receive a FREE, no-obligation cash offer, contact us today! (501)369-0365
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