Selling Your Parents' Home

Selling a home can be a stressful experience, and even more so when the home is the one you grew up in! I know; my sisters and I just did it this year. After losing our father almost two years ago, we were faced with dividing generations worth of personal property, cleaning out a half century of detritus and maintaining an empty home until it could be sold. Exhausting, physically and emotionally, doesn’t begin to cover it.

My folks were fortunate enough not to have had to leave their home and enter assisted living or live with family. My sisters and I were able to take some time to accomplish the overwhelming task of closing up and selling their home. This was hard enough. Sometimes this isn’t possible and Baby Boomers find themselves tasked with not only caring for ill or aging parents but simultaneously cleaning out and selling their home in order to financially care for them.

Transitioning a parent to an assisted living facility or nursing home is not only emotional for both parent and child but there are legal, financial and logistical issues which must be considered. In North Carolina, as in most states, an individual must be mentally competent to sign a listing agreement in order to sell a home or to designate a financial power of attorney to allow someone else, usually a family member, to sell it on their behalf. Before this situation arises it is highly advisable for parents, actually all adults with real property, to have a will and a designated power of attorney allowing someone of their choosing to oversee their financial affairs if they become unable to do so. A financial power of attorney allows a home to be sold immediately to help pay medical or facility expenses.

In order to avoid frustration when the time comes to sell a home for an elderly parent preparation before the event is crucial. Do you know where to locate all legal documents and important papers? If the home is not paid for, where are the mortgage documents and is the mortgage current? Is the insurance up-to-date? Are homeowner’s dues up to date? Where is the deed? What about the contents of the home? All of these items need to be addressed before a home can be sold.

As your Allen Tate Realtor, I can advise you about price, marketing and improvements needed to sell the home for a fair price in a reasonable time frame. I can also offer resources for estate sales, cleaning, repairs and staging. If your parents’ home is in another city I will be happy to help you select a professional who is able to assist you in accomplishing the sale in a timely and efficient manner.

Finally, I highly recommend that you consult with an elder care attorney to advise you about the financial and tax consequences of the sale of your parents’ home while they are living and how it can potentially affect financing of long-term care.

I’m ready to help you during this tough time, as your Realtor and as someone who has been there. Just give me a call. We’ll take it a step at the time and make this tough time as smooth as possible.