Tips & Tricks

The Best Way To Sell Your Parents House

by
Bob Fuoto

As heartbreaking as it may be to admit it, there are some circumstances in which it becomes untenable for your older parents to stay in their home. Perhaps they have extensive healthcare needs which require residential care rather than care at home. Perhaps they can no longer afford the cost of running their home on their retirement income. Or maybe they struggle to get around in the home and much of the space is way more than they need. Whatever your parents’ circumstances, the last thing they need is the stress and confusion that comes with selling a home.

Fortunately, we’re here to make life easier for them and for you. If you need to sell your parental home it’s important to go about it the right way. The way that will ensure that the property sells for the maximum profit, while also getting it sold on the timeline that they need. It doesn't do anyone any good to hold out for a couple thousand more dollars, but sit on a vacant house for a year.

In addition to profit and timing, it's important to consider what it will take to get a home into the condition where it can command top dollar. One thing many folks take for granted about the equity of their house is that to get the most equity possible, the house should be in up to date and a move in ready state. All these shows about home flipping, and home rehabs only exist because people have homes with equity trapped behind ugly walls, outdated flooring, and minor things that can be addressed. If you don't want all your parents hard earned equity to go to some home flipper who buys houses for cash, but a deep discount - This is For You!

Step 1: Get the Home Updated quickly by ethical contractors

We all know that renovating a home is one of the best ways to not only increase its monetary value but also increase its curb appeal and increase the chances of a quick sale. After all, if you’re selling an elderly parent’s home the last thing you need is for it to languish on the housing market for months or even years. With a contractor who has experiencing getting homes updated, the process can be really stream lined.

When having the home updated, it's important to know what to focus on fixing.  Obviously if there are any problems that would make the home unlivable, those need to be addressed first.  If there is an electrical or plumbing or roofing issue, that will come up in an inspection, and need to be addressed one way or another. Beyond major structural fixes, there are things you can do that are almost like staging. They add to the home value in an exponential fashion. Having a contractor who has worked on many homes for the sole purpose of renovating to sell, can help you identify those problems.

However, the key to getting this step right is finding reliable and reputable contractors who can get the job done within a reasonable timeframe at an advantageous cost. You might not know where to find these… But we do!

Step 2: Find a good realtor to stage and sell the home quickly

No matter how much effort goes into renovating your parents’ property, it takes a skilled realtor with a strong knowledge of the housing market to facilitate a quick and satisfactory sale. A talented real estate agent can also stage the property to make it more appealing to prospective buyers and increase the chances of a quick sale.

However, while there are many skilled realtors operate in the housing sector, there are also many characters who make bold claims which their results don’t back up. How can you separate the wheat from the chaff? The talent from the tricksters? Don’t worry, we have a list of realtors who have proven themselves in many home sales.

Step 3: Do it all with no money out of pocket till closing
Wouldn’t it be great if you could do all this while completely insulating yourself and your finances from risk? Wouldn’t it be marvelous if you didn’t have to pay a penny out of your own pocket until a deal was closed and the property was sold? We are a little biased, because we have done this for so many home owners in the Greater Atlanta Area. We have a great list of contractors who this is all they do.  We have many realtors we work with who have done multiple transactions. And if you happen to work with us, you won't have any out of pocket expenses until closing!

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