fbpx

Our Archive

Welcome to your Archive. This is your all post. Edit or delete them, then start writing!

Buy MI House > Blog > Uncategorized

Sell My Paren't House

Are you finding that you need to come up with some extra cash to help pay for the care of your elderly parents? Are you considering selling your parents house to come up with that money? Inevitably, parents will reach an age where it’s not sustainable for them to live on their own. They’ll probably need to move in to an elderly living community for professional care. When that time comes, you’ll need to pay for that care. In order to do so, many people sell their parent’s house to pay for care. Do you want to know how that works? Are you curious about the available methods for selling your parents house? Are you able to sell your parents house after they die, or do you need to sell before that time comes? The following tips will help you navigate these difficult questions.

Checklist Prior to Selling Your Parent’s House

There are certain tasks that you’ll want to complete prior to selling your parent’s house. You need to consider outstanding financial obligations, and you’ll want to make sure that once you sell your parent’s house, you’ll be able to pay for care. Below are some organizations that you’ll need to contact prior to selling your parent’s house.

  • Contact your parent’s bank to make sure that there aren’t any outstanding financial obligations.
  • Reach out to the Social Security Administration to make sure your parent’s are receiving Social Security and that selling the house won’t interfere with payments.
  • Make sure that you have the paperwork required to make financial decisions on your parent’s behalf.
  • Review your parent’s will if you are planning on selling your parent’s house after death.
  • Include the rest of the family or others who should be involved in the decision making process.
  • Speak with insurance carriers or services providers.
  • You may need to speak with estate planning or will planning attorneys if you are selling your parent’s house after death

Sell By Owner to Pay for Care

Pay for care

An option to consider when you’re looking to sell parents house to pay for care is to sell a house by owner. However, your parents will need to give you power of attorney to do this. If you want to use the sell a house by owner, then you’ll have to all the work yourself as opposed to hiring a real estate agent. The benefit in selling by owner is that you’ll keep all of the profits yourself. However, if you don’t know how to market the property, you could end up sitting on the house for a long time waiting. This could result in you paying for your parent’s care out of pocket. This may not be the best option if you need to sell your parent’s house for care.

Selling Your Parent’s House After Death

This is a touchy subject, but it’s one that needs to be addressed. If you have power of attorney, you can sell parents house after death. However, without power of attorney, the house could end up in probate and it could take a long time for you to gain authority over the property. ideally, you should sell your parent’s house before they pass. If you inherited the house in their will, however, this makes things less complicated. The best case scenario would allow for you to sell your parent’s house for cash.

How to Sell My Parent’s House for Cash to Pay for Care

If your parents willed the property to you or gave you power of attorney then you can sell the house for cash. This is a fast and optimal way to sell the house if you need to pay for your parent’s care. You won’t have to spend extra time or money fixing up the house or marketing it if you sell to a cash buyer. You only have to reach out to an investor and accept the offer. Then, the investor will pay you cash on the spot. The paperwork that you’ll have to do is minimal which will also speed up the process.

Sell Your Parent’s House Quickly and Easily

Sell My Parent's House

Selling your parent’s house can be stressful. However, by selling to a cash buyer, you can make the process quick and painless. Further, you can get your parents the care that they need.

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.


Read More
Capital Gains Tax

When seniors reach a certain age, owning a home can become a burden. Seniors who want to sell their homes may have questions about the process. Some people may want to know what the fastest way to sell their house is. Others may want to know how to maximize their profits. However, almost everyone who sales a house will ask the question, “Do I have to pay capital gains tax when I sell my home?” The answer to that question depends on several factors. However, for most people who are selling a home that was their primary residence for more than two years, the answer is no.

What is Capital Gains Tax?

Seniors Sell their homes

Capital gains tax is a tax levied on the profit gained from the sale of property or an investment. Your house, along with virtually anything that you own, is considered a capital asset. If you sell an asset for more than you paid for it, you’re required to report the profit that you made on that sale whenever you file your taxes. Technically, that profit will be subject to capital gains tax. However, more often than not, seniors who sell their homes can claim an exemption on capital gains related to the sale of their house.

How to Qualify for an Exemption for Capital Gains Tax

Capital gains tax can scare people sometimes who want to sell their homes. They’re afraid that paying taxes will eat dramatically into the profit that they made off of the sell. This is especially true for senior who sell their homes to cash buyers. However, more often than not, the sell of your house will be exempt from capital gains tax. These are the factors that will allow you to qualify for an exemption:

  • If you owned your house for at least two years out of the five years that preceded the sale of the home.
  • If the home that you sold was your primary residence for at least two of the five years that preceded the sale of your home.
  • If you haven’t already claimed an exemption on another house that you sold in the two years preceding the sale of the house in question.
  • If you’re single, you can exclude up to $250,000 dollars of any capital gain.
  • If you’re married, you can exclude up to $500,000 dollars of any capital gain.

What About Seniors Moving into a Nursing Home?

Residency is, of course, something that the IRS takes into consideration when determining whether or not you can exclude the capital gains made from selling your home. This may be concerning for seniors who’ve moved to a nursing home but are still looking to sell their homes. However, for seniors in that situation, the residency requirement is lowered from two years to one year. Further, is seniors live in a nursing facility, but still own their homes, then it counts, of course, as ownership.

Best Way for Seniors to Sell Their Homes

Seniors sell their house

The way that you choose to sell your house will depend on several factors. Are you willing to wait a long time? Are you okay with lot’s of paperwork? If so, you may want to hire a real estate agent to list your house and sell it for maximum profits. However, if you’d like to sell your house quickly, minimize the paperwork and keep all of the profits yourself, then you should sell your house to a cash buyer.

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.

Read More
What to Do with House When Divorced

One of the questions that people often ask when going through a divorce is, “what do we do with the house?”. A house is typically the largest asset that couples going through a divorce share. It’s also probable that there are a lot of emotional attachments to the home. People who have children know that the kids have probably spent a lot of time in the house, and that can also make things tough.

Figuring out what to do with the house during a divorce is one of the leading causes of disagreement between divorced couples. The house has monetary and emotional value, and that complicates things. It’s easy to agree on how to divvy up most items. The house, however, is something that’s a bit more complex. However, there are ways that you can address this issue.

Usually, both parties will meet with their respective attorneys and come to an agreement about what to do with the house when going through a divorce.

Buyout the House When Going Through a Divorce

What to Do with House When Divorced

Depending on the state that you live in, you might be able to negotiate a divorce home equity buyout. In this situation, one spouse agrees to buy out the other’s equity in the property and then keeps the property as their primary residence. This can become complicated if both parties can’t come to a mutually beneficial agreement. In some cases, it’s easiest just to let the attorneys figure out what the best deal is for both parties. Still, there must be an agreement.

In any event, the buyout option can become a lengthy process. Usually, both parties will higher their own assessors to determine the value of the property. As you can imagine, the assessors don’t always agree on their respective evaluations. Typically, The amount of equity in the home will vary depending on several factors. For instance, how much the home was worth when the coupled initially bought, how long they’ve had it, and what it’s worth presently. In some instances, both parties might’ve purchased the house together and both of their names may be on the title. If that’s the case, then one person can buyout the other’s equity in the property.

Continue to Share Ownership of the House After Divorce

During a divorce, if the house is in both names, then a couple can share ownership of it. With the help of their attorneys, a divorced couple can agree to continue to co-own the property. Further, the parties can agree on whether they want the agreement to be short-term or indefinite. In essense, the two parties are making a business agreement when they choose to co-own a house after divorce.

After the Divorce, One Party Lives in the House and Takes over the Mortgage

In some cases, one party might choose to keep the house and refinance the mortgage. Generally, this is a good strategy for preserving the children’s’ stability and prevents them from needing to move to a new residence. In these cases, the spouse who remains in the home after the divorce may have the option of refinancing their mortgage. However, that spouse would have to meet certain criteria. For instance:

  • They’d have to be current on their mortgage payments
  • The spouse who chooses to remain in the home would have to be able to afford the new loan payments
  • That same spouse would have to have strong enough credit to meet the requirements for refinancing
  • The other spouse has to agree to let go of the house

It’s not uncommon for the spouse who wants to remain in the home to fail to meet one or more of these criteria.

Continue to Share the Mortgage on the Home After Divorce

In some instances, couples who divorce choose to share the mortgage of the home after a divorce. The obvious downside to this arrangement is that one person can decide to stop making payments on the mortgage. When this happens, it can cause the house to go into foreclosure, and it can ruin the credit of both parties.

However, if both parties agree that this is the best course of action for the sake of the kids, then usually this arrangement will work out. It’s worth noting that this strategy requires both of the people getting divorced to remain in communication and rely on each other. Some people don’t like that or find it too risky. It can also complicate things if either of the parties decides they want to invest in a new home. If both parties are still paying off the mortgage, then it may impede one’s ability to qualify for another mortgage.

During Divorce Sell the House and Split the Proceeds

What to Do with House When Divorced

Occasionally, neither party will want to keep the house. Other times, the two parties can’t reach a mutually beneficial agreement on what to do with the house after the divorce. In these cases, the best option might be to sell the house and split any profits. Agreeing on how to sell the house during a divorce can be difficult. To make things easier, some investors will buy a house for cash. It’s a very quick and easy process. The investor will appraise the house and then make an offer. Once everyone’s agreed on an offer, the investor will offer a cash amount and you can close the on the house quickly. The divorced couple can then use that cash to pay off the remaining balance on the mortgage and then split the remainder. This is the easiest way

Read More
Power of Attorney

If your parents need to sell their house and they’ve reached an age where they can’t properly manage their own affairs, they may require you to sell it for them. For you to sell their home, you might need to obtain power of attorney.

Power of Attorney in Michigan

A financial power of attorney (or POA) is a legal document that gives a person (called the “principal”) another person the authority to act on his or her behalf as it pertains to financial matters. In Michigan, we refer to the person acting on behalf of the principal in financial matters as the “attorney-in-fact,” but in many other states they refer to that person as the “agent.”

In order to create a power of attorney in Michigan for financial matters you have to make sure that your POA is dated, signed by the principal or a notary on behalf of the principal according to the requirements of the Michigan Notary Public Act, and it must be signed in the presence of two witnesses or acknowledged by a notary public. Both witnesses also need to sign the documents, and neither can also be the attorney-in-fact.

Once you’ve got power of attorney, you’ll have the authority to sell your parent’s house on their behalf. When parents get older, selling a house can be difficult and stressful. Obtaining power of attorney will allow you to alleviate stress for them and sell their home quickly.

Selling Your Parents House

Getting a power of attorney is the first step. Once you’ve got that you can proceed, you’ll be able to sign papers on their behalf which isn’t uncommon for people with older parents. There is a type of POA that will give you the authority to sell your parents house even after they’re deceased. This is the best route to go. You want your parents to be stress-free and to know that you’ll be able to sell their house.

For Sale By Owner

Selling your parents house yourself instead of using a realtor can often be the quickest way to sell their home. If done correctly, it can also be the easiest way. The best part is, you won’t have to share any of the profits with a real estate agent.

Another downside of using an agent is that it can be tough on your parents. Agents will be constantly bringing strangers in and out of your parents house. If you sell it yourself, you’ll have more control of that. You might even only show your house to one person.

While selling your parent’s house by yourself will take pressure off of your parents, it does create some extra responsibility for you. You’ll be responsible for showing the house, listing it on the market, and researching pricing. This can be time-consuming, and it’s something to consider. You also have to decide where to list the home. Further, you may have to renovate or change things in the house to make it more appealing. It’s a process, and you have to be prepared for that.

How To Sell Your Parents House Fast

Sell your parents house fast

The fastest way to sell your parents house fast is to sell to a cash buyer. Selling a to a cash buyer is easy, it’s hassle-free, and it the entire process can take just a few days.

When selling to a cash buyer, a professional investor will come and look at your house. The investor will make a cash offer to you on the home as-is. Once you and the investor agree on the amount, you’ll sign an agreement and get paid for the property. You won’t have to worry about renovations, you won’t have to worry about marketing, and you won’t have to worry about an agent.

If you have power of attorney and you’re looking to sell you house fast, the best way to do this is to sell to a cash buyer. From the time you make a call to the time you close a deal can take as little as a few days.

Sell Your Parents House Hassle-Free

Selling your parents house can be difficult. Obtaining a power of attorney can be a big help. However, the sooner you get it sold, the easier it’ll be on yourself and your parents. Selling to a cash buyer is fastest way to achieve that.

Here at BuyMi.house, we specialize in selling your house fast so that you can move on to more important things in your life. If you’re interested in selling your house quickly, reach out and ask for a quote. Or you can give a call and schedule an appointment. We’d love to help you out.


Read More
×

You're just a form away from getting a cash offer for your house. Just fill out some basic information below and let's get started!