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Is it Time For Downsizing? Where do you Start the Conversation?

For many of us we are catching up with our ageing relatives for the first time in awhile due to the pandemic. You may be visiting Parents, Grandparents, Aunts & Uncles in their home and realise that their ability to manage the property is not what it used to be. They may even be feeling overwhelmed with maintenance and upkeep and struggling with what to do.

You want to help your family when they need you, but it can be a very difficult process. If you need to sell a house for someone such as your parents, there are several steps you can take to help them achieve this goal:

Ensure your family members have the ability to sell the house. You need to know about liens, a reverse mortgage and any other encumbrances that may limit the ability to sell. If you aren't sure, contact the local tax appraisal office and get the necessary information. You will save time.

Find a real estate agent in the area. You will need to call and email around to find one who is willing to work with you in the long-distance situation, but most real estate agents are well-equipped to handle these types of sales.

Assess the property. Your parents may or may not be living in the home. In either case, you'll need pictures of the property and paperwork on the latest repairs. If the home needs repairs, you need to be prepared to offer a reduced price for the repairs or have them addressed before the property is put on the market.

Clean it up. In some cases, if your parents have not lived in the home for a while, you may need to hire a company to go in and clean the property. Small things can make a world of difference in the home such as decluttering, a fresh coat of paint and replacing dated fixtures. Your real estate agent should be able to assist with finding a local company to trust with this project.

Decide on a price. You'll need to sit down with your parents, their accountant or estate lawyer to help arrive at a price point. You'll want to list it above the necessary price but you should know the minimum acceptable offer. This can help with negotiations if your parents are unavailable to make decisions on their own.

Let the real estate agent market the property. You can assist with placing ads but you'll really just want to be available for calls, questions and to work with potential buyers. When you don't answer your phone or emails, you are hindering a possible sale.

Be encouraging. If the house doesn't sell for a while, your parents may become discouraged and want to throw in the towel. Keeping a positive attitude and help them reach a deal.

Need help? Feel free to contact me today for more information on how to make any real estate transaction easier. I would love to share my Downsizing Made Easy Guide. | 425-350-2300

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