If your parents have recently gone to live in a nursing home or passed away, you may find yourself in the unenviable position of needing to put their home on the market. While doing so is never easy, it can be even more challenging if your parents had financial problems or if the home and furnishings are in poor condition. Fortunately, the following advice can make the situation a bit easier for everyone involved at this difficult time.
Make Sure You Have Proof Of Your Right To Sell The Home And Its Contents
Some important and easy to overlook details associated with selling a home that you have inherited or that you have been asked to sell include:
- Verifying that you have the legal right and permission to sell the home
- Making sure that nobody else in the home or family is likely to protest the sale
- Documenting that there are no holds or restrictions on the title
Verifying that you have the legal right to sell the home often includes numerous actions. For instance, if you are selling the home due to the death of your parent's, you may want to refer to the will to confirm that you are the only inheritor. If you are sharing that status with your siblings or other family members, you should consult with a real estate attorney to determine the best ways to list the home. If you list the home without confirming your right to do so, the other inheritors could halt the sale and you could find yourself in a tenuous financial position.
Lastly, you will need to access a current copy of the title of the home. Many senior citizens have obtained a reverse mortgage to help out with their expenses after retirement and are reluctant to share that information with their loved ones. It is also possible that if your parents experienced financial problems, that creditors have put a lien on the property. That lien can prevent the sale or transfer of the home, so it needs to be paid off or otherwise taken care of prior to allowing the home to exchange hands.
Work With A Realtor To Determine Which Pieces Of Furniture And Accessories Should Remain In The Home
One significant and concerning issue when placing a home up for sale involves making the house as appealing to prospective buyers as possible. While the vintage look is popular, there is a big difference between vintage and old or run-down, and unfortunately, many older persons occupy the latter. In order to maximize the profit on the sale and to spark interest in the home, you should work with your realtor to put the house in the best possible light.
For example, the pink chintz couch that has been in the home for many years and has never been removed from the plastic is unlikely to impress home buyers. Therefore, it should be sold or given away, unless someone in the family wants to lay claim to it. Your realtor may use their knowledge of current fads in interior design and the housing market in that area to make specific recommendations or may refer you to a home staging expert to complete that task.
In conclusion, selling your parent's home is a common and difficult situation for many people. If you have recently found yourself in that position, it will be quite beneficial to consider the tips provide above when you are making the necessary plans.