As we age, our elders will come to a time when they may not be able to care for themselves at home. Generally these types of situations involve family members assisting with the sale of a property which they have not legally inherited while their relative transitions into an assisted-living facility or senior community.
So, what exactly does the process of selling your elderly relative's home entail? Whether it's your grandparents, Mom or Dad; Joel Korn is the right Realtor for the transaction. By making the process seamless and efficient, Joel understands the difficulty of the situation and delivers on your goals every time.
Joel Korn, a REALTOR®, Vancouver-based agent and salesperson with Sutton Group West Coast Realty, and he will walk you through the important steps of selling a home for an aging or ailing relative.
Recruit the right REALTOR®
This starts with hiring a REALTOR® who understands these types of real estate transactions. Joel’s industry experience in this very situation helps to ease the stresses of the family relationship.
You may want to consider working with Joel who is a qualified Realtor® with over 25 years experience, multiple accolades and awards, and also been a member of the prestigious Medallion Club.
Joel understands a Real Estate transaction is not just the selling of the home, but a relationship in which you really need to go above and beyond for your clients. By keeping what's in the best interest of the client, Joel has managed to obtain multiple clients repeat Real Estate Transactions, and many more referrals.
There is no simple, straightforward solution when it comes to working with senior homeowners. Each with a very unique set of circumstances with their finances, health, family and property requiring Joel’s expert skill-set.
Get all parties involved
Joel likes to meet with the client and their family to better understand the circumstance and each party’s intentions. What goals are they trying to accomplish with the sale of their home? And to determine the next steps after the sale of the property in terms of living arrangements, living needs, etc.
Understanding wills, powers of attorney, lawyers, who the decision maker and where the money from the sale of the property is going. ie: long-term care expenses.
In cases where conflict or heavy stress between family members, hiring a counselor or neutral party to alleviate tensions and set the groundwork for a successful sale. Joel’s industry experience has helped him succeed in the ugliest of situations, and understands the importance of satisfying the homeowner within reason. He treats every transaction as if it were his family.
Decluttering the space by organizing and cleaning up unwanted/needed possessions. Valuable or sentimental items should either be left to someone. It’s crucial to review and document these pieces ahead of preparing the property for sale.
They may not be cognitively available and you really need to make sure everybody is on the same page because arguments arise easily, like selling off sentimental possessions which were promised to a child.
Prepare both the home and the seller
Putting a home on the market is a stressful event for any homeowner, but it can be especially difficult for vulnerable seniors or ailing relatives.
In some cases, Joel suggests that it may be more beneficial to move the senior out prior to the home being listed. If repairs are needed on the property or people are coming over to assist with packing, Joel is always present with the senior seller so they’re not nervous with unfamiliar people coming and going from the house.
You might be tempted to completely stage and renovate the property prior to listing it. The priority should be to ensure the property is clean and free of any garbage, with some repairs and touch-ups made on the property where needed, like painting or removing damaged carpet.
Large repair jobs or renovations are not necessary, as longs as its up to city standards, it my be worth selling as is.
Take your time with offers
In today’s competitive housing market where there’s a shortage of supply, it doesn’t take long for purchase offers and hopeful buyers to quickly come knocking on your door. When working with a senior homeowner, however, the pace of the offer phase may be different than normal.
Joel meets with his senior clients in person, making sure the offer allows for a couple of days for the client’s lawyer to ensure everything is above board. In some cases, an offer presentation date provides some control over the pace and process of how offers are received and reviewed.
Joel’s priority will always be strictly the client and what’s in their best interest. If they’re cognitively available, he would sit with them and explain each one.
If you’re starting the process of selling the home of an aging or ailing relative, consult the advice of a Joel Korn REALTOR® 604.722.4588.