selling parents house Archives

Selling one’s own house can be a big enough challenge. But when one has to take on the sell parents house task it becomes an even bigger job. There are some options to use to sell mom and dads house.

Options to Sell Parents House

sell parents house options

There are different options to sell mom and dad’s house. They are choices when taking on the task to sell parents house.

Sell Parents House Using Traditional Methods

The traditional method of selling a house is by using the services of a real estate agent. Anyone that has bought or sold a house knows how this works. For those that haven’t there are some basic things to keep in mind.

The responsibilities that you will have will depend. If you are about to sell parents house after death, you may have more legal responsibilities. You may be about to sell parents house. It could be because they are moving. You are facing different challenges.

In either case you will have to work with the real estate agent. There are some things that you will need to do.

First you will want to pick a real estate agency that has a good track record for selling homes in your area. It will be important because most likely you will want to try for a quick sale. But, at the same time you want the home to sell for what it is worth.

Then you are going to have to make sure that you have time set aside. There should be showings and its likely you will want to be in the home during this. If your parents are elderly it can be upsetting for them to have strangers come through their home.

If the house sells then you have all the legal aspects of the sale to attend to. How much responsibility you will have to take on will depend on the age and stability of your parents. When one has the sell parents house responsibility they also have the legal responsibilities. There are some that have the sell parents house after death task. The legal responsibilities can be even greater.

How to Sell a House By Owner

sell parents house by owner

When you go to sell mom and dads house it may be confusing. Most often confusing for them. It is easier if you brush up on the how to sell a house by owner tactics. It means one less person to deal with. It may be more comforting for your parents. But, it will create even greater responsibility for you. Some individuals try this method at first to sell parents house after death. There are a lot more steps to go through to sell parents house by owner.

The first step will be to determine what the houses in the area are selling for. This takes some time to do the research. It can be a daunting task because you won’t have the resources that the realtor will have. It will mean checking out the local listings. It will help to see what the houses are listed for. But, it won’t tell you what they sold for.

The next step will be at least taking a few images. You may be going to try to use the internet as it is one of the how to sell a house by owner tactics. The sell parents house procedure using this method can be frustrating.

Then you are going to want to find as many resources as you can to market the house. You shouldn’t rely on just one resource. At least not if you want to sell the house as quick as possible. Other resources include using local newspapers. Then putting a private sale sign on the property is another option.

Beprepared for the showings. It is going to be the next task. You do not want interested buyers coming to the door. It can be disturbing your parents. If you are about to sell prarents house after death, then the house might be empty. You will need to be available to show the house.

Finally if the house does sell you are going to be responsible for all the legalities. You have the extra burden of knowing how to draft the sale papers. Then you will need a lawyer to ensure these get done right. Plus, the lawyer will have to look after the closing.

Getting the House Ready for Sale

sell parents house repairs

Another huge task that comes when you go to sell parents house is getting it ready for sale. This is required no matter which option you choose. It means doing an inspection of the home to see what repairs you will need to do. Most likely a home inspection is conducted at the request of the potential buyers. You need to be sure to take care of any issue they may have. Otherwise most likely a proposed sale will not go through

A Third Option to Sell Parents House

While the first two options are available there is a third option. For those that have the sell parents house this option often proves to be the most viable. It is to sell to a cash buyer. All one has to do is look at the advantages of doing it this way, so you know it’s the right way.

There are no real estate agents to deal with
There are no inconveniences of home showings
There is no piles of paperwork and contracts to deal with
There is no waiting for weeks or months hoping the house will sell
There is no need to do repairs which could end up being costly.
The legal work is minimal
There are no disappointments of deals falling through

Then there are extra important benefits. This sell parents house option to a cash buyer means that the house is bought for in cash. There are no real estate commissions. For those whose parents are still living they now have fast cash to help them get settled in a new place. For those that have to sell parents house after death there is the cash available. Cash to be able to handle all the expenses that may have occurred because of this. Out of all the options to sell parents home, this one is by far the quickest, easiest and hassle free method.

Sell Your Parents House Fast

sell parents house for cash

At PHP Houses we specialize in a quick sale so that you can get on with the more important things in life. Don’t stress out about selling your parents’ house. In the event you need to sell your parents’ house before death, give us a call at 407-641-1531. We would love to answer any questions about the house selling process that you might have.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

As senior citizens get older and find themselves in situations where they have to sell their house, there can be many details involved. First of all, how do you know the right time? When should seniors sell their homes? It is just when they need to pay for medical expenses or to cover the costs of senior living facilities? Do you need to sell parents house to help them out? What about some of the costs, like the capital gains tax when selling homes? Will they still be required to pay that? The good thing is that there is not always a large capital gains tax when selling homes whether it is put up for sale by owner or if you choose to sell parents house for them. The capital gains tax when selling homes is contingent on certain factors.

What is the capital gains tax when selling homes?

power of attorney and capital gains tax when selling homes

Anyone who sells any capital asset needs to understand the taxes involved. It’s not just about houses though. According to the IRS, nearly anything you own is a capital asset, even if you didn’t purchase it as an investment technically. Basically, if you sell something for more than you paid for it, you made a gain and you should report that profit on your taxes. The good thing is, as far as capital gains tax when selling homes is concerned, most of the time they are exempt. Your home is likely your single biggest asset. Certain factors exempt your home from paying capital gains tax when selling homes including:

If you owned the home for at least 2 years out of the 5 years before the sale was made
If the home was your primary residence for at least 2 years in the same 5-year period
If you haven’t excluded the gains from another home you sold in the two years before you sold this home

In most cases, you can exclude $250,000 of any gain if you are single or $500,000 if you are married.

When should seniors sell their homes?

Since residency can affect the capital gains tax when selling homes, when should seniors sell their homes? Remember you have to live in the home 2 years before you sell it to avoid the tax. However, for those seniors who have moved from their house to a nursing home, the ownership and residency is lowered to one out of five years. And if they still own the home, but are in a nursing facility, it still counts as ownership.

Do I need a Power of Attorney to sell property belonging to my parents?

what are capital gains tax when selling homes

When addressing exactly when should seniors sell their homes, you will likely discuss the possibility of you needing to sell parents house. The next question would be what legal right do you have to sell someone else’s property and do you need a power of attorney to sell property that is not technically yours? The easy answer is yes. In most cases, you will need to have power of attorney to sell property belonging to your parents. Be sure you are granted the right POA to handle this type of transaction on their behalf. There are several different types and only certain one permit you to handle financial matters for others. You will need a durable power of attorney to sell property on their behalf if they can no longer handle their own finances.

How do I get started to sell parent’s house?

Once you have become aware that it is time to sell parents house, you may have a lot of questions about how to get started. You may consider talking to a real estate agent or putting it on the market yourself. The decision to sell is the first step, then it’s all about the how. You have options other than going through a real estate broker. You can put it up for sale by owner if you want to handle the transaction. Or you can consider selling your parents house for cash.

Can I advertise my parent’s house as for sale by owner?

One of the options you have available if you don’t want to sell the house fast is to advertise it for sale by owner. First, make sure you have all the paperwork in place and that you can legally handle the transaction. However, it can be a difficult endeavor to try to sell a house yourself. You will be responsible for everything from advertising, to scanning potential buyers, to completing all the paperwork. Selling your parents house for cash is hard any way you choose but having to do it all yourself can be a burden and can be time-consuming and expensive in the long run.

Is there a way I can sell a house fast?

sell capital gains tax when selling homes

If you need to sell house fast, there is a way to do that. A real estate investor buys property that can be resold for a profit. They will look at your parent’s house and make an offer. They will pay you cash for it and then complete all the paperwork. It is the best way to sell a house fast and without any hassles. There is also no waiting for closing or for a potential buyer to qualify for a loan. They make you an offer and if you accept it, they pay you in cash and it’s over.

Getting the House Ready if you are Selling Your Parents House for Cash

Perhaps one of the best things when selling your parents house for cash is that you do not have to do a single thing to make it ready for the sale. Any other type of home sale and you will have to make repairs and do all kinds of work to get it ready to show, and then to sell. But when you are selling your parents house for cash, you literally do not need to do a thing. It is an as-is purchase. This means the investor will take it as it is. It’s the fastest way to sell a house and the least amount of hassle.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.