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7 Tips for Helping Your Parents Sell Their Home

By: Commonwealth Senior Living / 21 Oct 2022
7 Tips for Helping Your Parents Sell Their Home

There are a lot of moving parts when it comes to selling a home. If you've taken on the job of supporting your parents in selling their home, you may have a lot of questions circling through your mind. While making your list of priorities, you'll want to think about the conversations you need to have and what you need to prepare to hand the keys over to the next owners. Here are seven tips to help guide you through the home selling journey.

Determining Whats Best for Mom and Dad

Before jumping in, you'll want to start by having a chat with your mom and dad about their goals. Have they appointed a specific power of attorney in your family to assist them with life decisions as they age? Is their estate plan up to date? Remember, since it is their home, you'll want to make sure they are included in all home selling discussions to make sure their wishes are being honored.

The next step is for everyone to get on the same page about the plan. During this chat, you'll want to accomplish the following:

  • Create a timeline for the sale
  • Determine their desired asking price
  • Determine what updates must be made
  • Determine how involved your parents want or are able to be in the selling process
  • Think about how you will stay organized and on schedule throughout the move for a flawless transition.

Organizing Home Paperwork

A more tedious part of this preparation project can be gathering all the documents needed to sell the home. Depending on the state you live in, these policies can vary. It's a good idea to have your parents there as you search for the necessary documents in case you have any questions and to make sure they are all accounted for. As you gather these documents, you'll want to make sure you have the following:

  • The Original Sales Contract
  • Mortgage Statements and Payoff Amount
  • Homeowner's Insurance Records
  • Homeowner's Association Documents

Do the extra research and work with a real estate agent if necessary to organize all the proper paperwork to avoid any potential issues during the sale.

Finding the Right Real Estate Agent

A great real estate agent will help guide you through the selling process and provide support when you need it the most. It is also a great way to ease the stress you may feel when it comes to selling their as they will be able to assist you with any roadblocks you may face along the way and advocate for the best outcome. As you look for the perfect real estate agent for your family, here are a few tips:

  • Ask around. Maybe your neighbor or close family friend has a recommendation.
  • Read their reviews to get a better feel of their reputation and overall experience.
  • Analyze their statistics in the prospective area.

Overall, having an on-hand expert is a great way to speed up the sale process and ensure all parties have a clear understanding of the big picture.

Coordinating Home Services

Once your real estate agent guides your family through the plan for the sale, you'll want to consider planning for home services to come in before your home goes on the market

This includes having a pre-listing home inspection to check everything out. While this isn't mandatory, it mitigates the risk for surprises that the buyers home inspector may find. A home inspector will be able to identify any issues with items like wiring, roofing, the home's structure, or other outdated items that could potentially affect the final sale going through. Taking the extra step to touch up paint, spruce up the flooring, or update your appliances can make a huge difference in the sale of your home as well.

Additional services to consider are landscapers and cleaners. Have the cleaners deep clean the home including the carpet and windows to ensure the home is ready to be shown and prepared for photos for listing sites.

Financing the Move

Now it's time to narrow down the potential moving date and navigate the specific financials of the move. Moving expenses like rental cars, storage units, moving supplies, and the movers themselves can get pricy. There are several options for financing the moves like using cash on hand, taking out a personal loan, or using a personal line of credit. Depending on the situation, you may find certain options that lend more time for repayment more ideal for your family as well.

Cleaning Out the Home

You just heard from your realtor and the home is officially off the market. Congratulations! Now it's time to officially start cleaning clearing out the home. This is a task you and your parents will want to do together to ensure you and your family keep the items that mean the most to you. To help make this an easy process, consider taking inventory of all the items in their home. From there, discuss what to keep, toss, store, or donate. If there are an abundance of items, here are a few options:

  • Lots of items to keep that won't fit in their new space: rent a storage unit
  • Lots of items to toss: rent a dumpster
  • Lots of items that are still in great condition, but they don't need them: save money for the move by selling some items in a yard sale or donate them to a local thrift store or charity.

Preparing for the Next Family

The move out date is now approaching and it's time to prepare the home for it's next family. As the deal closes, you'll want to finish up home improvements, gather warranty manuals for appliances in your home if the buyer needs help using them or needs to replace them. You can even go as far as listing out the neighborhood information such as the garbage schedule, recurring neighborhood events throughout the year, or local recommendations like lawn services, restaurants, and grocery stores. The new homeowners will very much appreciate this extra effort!

Taking these various steps is a great way to make sure your family's moving process is as smooth as possible. Click the button below to speak with a community leader about the next steps in planning for your move.

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