Today, Baby Boomers are increasingly finding themselves caught as the “sandwich generation” between elderly parents and children still living at home. The scenario becomes even more complex as aging parents become ill and must leave their homes of many years.
Aside from the emotional issues of transitioning a parent to an assisted living facility or nursing home, there are legal, financial and logistical issues. If the parent does not have liquid assets that can be used to finance their care, the immediate sale of their home may be necessary.
State laws vary, but generally speaking, an individual must be mentally competent to execute a listing agreement to sell a home or to designate a financial power of attorney to allow someone else to do so. For these reasons, it is highly advisable for all adults with assets to have a will and a designated power of attorney to oversee their financial affairs if they suddenly become unable to do so. A financial power of attorney would allow a home to be sold immediately to help pay medical or facility expenses.
One of the most common frustrations when selling a home for an elderly parent is lack of information and resources. Do you have all legal documents and important papers? Is the home paid for, and if not, is the mortgage current? Is the insurance up-to-date? Where is the deed? What about the contents of the home? All of these items need to be addressed before a home can be sold.
Allen Tate Realtors can advise you about price, marketing and improvements needed to sell the home for a fair price in a reasonable time frame. They can also offer resources for estate sales, cleaning, repairs and staging. If your parents’ home is in another city not served by Allen Tate, we would be happy to refer you to a professional Realtor with one of our Leading Real Estate Companies of World partners in that area.