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Do you need to sell your parents’ home?
Selling your parents’ home can be a challenging endeavor. It is often very emotional; you may have grown up in the home and celebrated many holidays and family milestones there. Sadly, you may be selling their home while also grieving their passing. If your parents are living, it’s important to understand that this move will be hard for them too. This may be their last move, and whether or not they talk about it, they will likely understand what’s happening. For some seniors, mobility challenges compound emotional difficulties, putting more of the logistics of the move on your plate.
Connect with your REALTOR early, so they can help you understand the process and give you an estimate of the proceeds from the sale. Doing so will ensure you have much of the necessary information to make decisions.
Don’t assume that your parents no longer have a mortgage. Ask them if they have a mortgage or a home equity line of credit, and if necessary, look for documentation to be sure. According to the Joint Center for Housing Studies of Harvard University,
The share of homeowners age 65 and over with housing debtdoubled from 1989 to 2019, from 21 to 42 percent, while the medianoutstanding balance rose from $18,000 to $86,000 (both in2019 dollars) over the same period. Among owners age 80 and
over, 27 percent were carrying mortgage debt in 2019, compared with 3 percent in 1989.
Your REALTOR can help you understand how to maximize the proceeds after any associated debt is paid in full. If you are managing an estate while simultaneously grieving, connecting with a compasionate REALTOR to expertly guide you through the process is key. You need someone who will be patient and empathetic to your situation, yet has the experience to help you make the best decisions for your family. For you, the right solution may be to do an “as is” sale. Everyone’s situation is different.
Bottom Line
Connect with your REALTOR early in the process so you have all of the information you need to make informed decisions.
