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
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
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.