People often look to sell their parents’ homes to siblings when their parents reach an age where they can no longer manage their own assets. Selling your parents’ house to a sibling often seems much easier than going through a real estate agent. However, you should be aware of the challenges that come with selling your parents’ house to a sibling.
Selling Your Parents House
Usually, when people become elderly or reach a certain age, they’ll leave one of their children in charge of their assets. If your parents have given you the responsibility of managing their assets, and you want to keep your parents’ home in the family, then you may want to sell your parents’ house to a sibling. Selling to a sibling is one of the quickest and easiest ways to sell your parents’ house, but it does come with some difficulties.
Challenges When Selling Your Parents’ House to a Sibling
A common problem that you could run into when considering selling your parents’ house to a sibling is the financial status of your sibling. You have the responsibility of selling the house, and if your sibling can’t afford it, you’ll have to tell them no. Telling a sibling no can be difficult, but you have to do what’s best for your family.
This issue can be accentuated when siblings don’t understand that you need to sell your parents’ house to pay for care. Paying for the care and well-being of your elderly parents can be expensive. Therefore, you may need to sell their home for a significant amount of cash. If your siblings can’t afford it, that could be a problem.
Another problem that people run into when trying to sell their parents’ house to a sibling, is deciding which sibling to sell to. If you have multiple siblings, it may seem unfair to sell the house to one and not the other. This predicament could lead to internal arguments or family difficulties.
If you want to avoid this issue altogether, you should consider putting your parents’ house on the market. This is the fastest way to sell your parents’ house and it allows you to avoid the drama that comes with selling to siblings.
For Sale By Owner
If you’ve decided that you don’t want to sell your parents’ house to a sibling, the next thing you may consider is the for sale by owner option. Many people choose to go this route because it allows you to avoid the hassle of dealing with a real estate agent, and you keep more of the profit. However, without proper marketing, it may take longer for the house to sell.
For sale by owner sales can be difficult because it requires a lot of responsibility on behalf of the seller. First, you have to do a lot of market research to determine what the best price to list parents’ house is and then there’s another slew of problems.
Once you’ve determined what price you’re going to list the house at, you have to decide where you’re going to list it. You could, for instance, list it on the internet. But you’ll have to do some research to figure out how to get the most exposure.
Further, if you’re selling your parents’ house by yourself, it can become really time-consuming. If you aren’t going to sell your parents’ house to your siblings, they may not be willing to help you out.
Another thing to consider is potential repairs. It’s not uncommon for seniors to have problems with their homes because they can’t manage maintenance at their age. If a prospective buyer wants to have the home inspected and the house doesn’t pass inspection, you’ll be responsible for paying for repairs. Repairs can be time consuming and costly, which defeats the purpose of selling the home yourself.
At this point, you may have decided that it doesn’t make sense to sell your parents’ house to siblings, and the for sale by owner option doesn’t seem any better. You might be considering the traditional route of going through a real estate agent. However, that isn’t necessarily any easier or less time-consuming.
While all this may sound discouraging, there is still one great option that will allow you to sell your parents’ house fast and easily.
Sell House for Cash
Up to this point, you’ve determined that selling your parents’ house to a sibling won’t work, and for sale by owner isn’t a great option either. The quickest and easiest way to sell your parents house, is to sell it to a cash buyer.
The fastest and easiest way to get cash for your parents’ house is to sell to a cash buyer. Many trustworthy investors can get your parents the funds that they need quickly and easily. Those funds can then go towards any care or special accommodations that they might need.
Cash buyers don’t require you to make any repairs on the house. Further, selling to a cash buyer allows you to save time and money on advertising. Selling to a cash buyer will enable you to get the house off of your hands and to focus on what’s important- your parents and their needs.
You’ll have cash in hand to get them settled in a new environment. Also, you’ll be able to avoid realtors. You can even avoid having people walk through the house for showings. This is a bonus because seniors usually don’t like having strangers in the house. If you want cash quickly and without the hassle, this is the best option.
Best of all, you won’t have to make a decision between siblings. The sell house for cash option is a great alternative for selling your parents house.
Sell Your Parents House for Cash Today
There’s no need to stress about how to sell your parents’ house. Don’t worry about selling it to your siblings if that’s stressful. Don’t fret over a for sale by owner strategy either. If you want to sell it today, there’s an easy way to do that. At Buymi.house, we specialize in closing on houses quickly. We know that you have more important things to worry about. We want you to be able to focus on those things instead of stressing about your house.
Do you have a question about the house selling process? Do you want to get a cash offer on your home? Even if you don’t decide to sell, we’d love to answer any questions you might have. Give us a call today at (586) 200- 1710.