Can I sell My Parents House to Cash Buyers?
It's hard to watch your parents get older and see things that used to be easy for them, like walking up stairs or taking showers, become impossible tasks that put them at risk. In these moments, you have to decide whether or not is safe for them to stay in their house by themselves, or if the best thing for their health and safety would be additional care from family or professionals. Once a decision has been made to relocate your elderly parents, you're left with and entirely new challenge--what to do with my parents house and everything in it. Perhaps you’re even asking, “Can I sell my parents house to a cash buyer?” Here are a few tips to consider if you’re trying to sell your elderly parents home.
How long will it take to sell my parents home?
Whenever you list your parents house on the market, it can often feel like it takes forever for the house to sell. As of 2019, on average, a home will stay on the market for about 90 days. This accounts from the time the property was listed on the MLS to the day it closes and assumes everything goes smoothly. However, in many cases, due to deferred maintenance and household contents, it can take several months to even get the house ready to be listed.
When should I sell my parents home?
From a real estate sales perspective, the best time to sell a home is during the spring. Think about it, spring is about all things new: the grass is turning green, spring flowers are coming into bloom and buyers get excited to starting a new life in a new home. However, that kind of timing isn’t realistic for everyone. While knowing when to sell your elderly parents house is an individual one, typically most folks decide to sell their parents house when their parents are no longer safe to live on their own and as a result the property is suffering from deferred maintenance. Another situation that might arise is if you need to sell your parents house to pay for care. Sadly this is very common.
Need help selling your elderly parents home
Selling your parents home can be a daunting task and always goes better with you have a little help. The first thing you’ll want to do is sit down with all of the decision makers in your family and collectively decide that the best thing to do is to sell the house. Once everyone is at a consensus, you’ll need to start the downsizing process and determine what you will keep, pass onto a relative or get rid of. All key players should be involved during this process. Once the downsizing process is happening, you’ll need to determine if it's possible to list the house in current condition or simplify the process by selling to a professional cash home buyer. Because this is such a daunting process, many families choose the speed and convenience options so that their parents can get into their new facility as soon as possible. It also takes a lot of work to get a property up to MLS standards.
Do you need power of attorney to sell your elderly parents home?
Its not absolutely necessary to have power of attorney (POA) to sell your parents home, but however it sure does help. If you don’t have power of attorney, you will need your parent to sign all doc paperwork and legal documents as you prepare the house for sale. This becomes particularly hard to do when your parents are not in good health. If you haven’t been granted POA and want to, the best thing to do is talk to your parent and their attorney.
Can I sell my parents house to siblings?
Some folks ask, “can I sell my parents house to a sibling?” In short, this isn’t a black or white answer and there are a lot of variables. However, for the most part, selling the property to a sibling is possible as long as they would be able to get approved for a mortgage. This process can often take months to complete.
Can I sell my parents house for sale by owner?
If your want to sell your parents house as for sale by owner it would be best if you have POA. In general, for sale by owner transactions can be very overwhelming, particularly if you’re not familiar with the real estate process. In this case you’ll have no one to represent you and help negotiate with buyers and provide all of the necessary paperwork. Realtors will begin calling you asking to list your property. Usually, realtors won’t even show your property to their clients unless you state that you're willing to pay them the 3% buyer commission. Remember, sellers pay realtor commissions, not buyers. If you don’t state that you’ll pay realtor commissions, they won’t have any incentive to show your house to their clients because they won’t get paid if their clients decide to buy it.
Selling your parents house to a cash buyer.
If speed and conveniences is what is most important, then selling your house to a cash buyer is the best option for you. Hands down, this method is the fastest and least stressful approach. You’ll also save money by not having to pay realtor fees or commissions. Most professional house buyers will even cover your closing costs.
If you’ve been asking yourself, “Should I sell my parents house to cash buyers” you should sell your house fast to Penn House Buyers. Selling to a cash home buyer will be the fastest and easiest way for you to allow your parent and family to put this stressful stage of life behind them and move forward. If you have any questions about our house selling process, feel free to reach out with any questions you might have. We’ll provide you a no obligation to price offer for your house. Even if you don’t want to use us, we’d be happy to answer any questions you might have.