Selling a house is not something you do regularly. At best, you will do it a couple of times in your life. And if you have ever taken on this endeavor, you are well aware of how stressful it can be. YOu have to do so much before you even list the home. Firstly, you have to conduct all the minor repairs and fix some major issues that may jeopardize the sale. Then, you have to declutter, deep clean, and stage it. Next, you should take some fantastic photos that will attract buyers. And finally, once you put the “for sale” sign up, host open houses for interested parties to see the house. All of that while handling your job, family, and possibly pets. When, on top of that, you have to sell a place that is not yours, things get even more challenging. So, if you need to sell your parents’ home in Tampa, you will have to arm yourself with some knowledge.
Still, not all is gloom and doom. You can make the sale successful and as stress-free as possible with our tips to sell your parents’ home. Equipped with some knowledge, you can conquer the beast that selling a house can be. Or, you can bypass the traditional way and consult with Rise Real Estate Group. We will help homeowners by purchasing their properties, even if they have a lien, a mortgage, or a pre-foreclosure.
How to sell your parents’ home if they can’t?
If your parents are moving into a nursing home or an assisted living facility, or they want to downsize but want you to handle the sale for some reason, the first thing you have to do is get a power of attorney. It will be pretty easy to get it if your parents are capable of making decisions. However, if they aren’t, you will first have to apply for guardianship. To do so, you will file a petition of the court in which you will state that your elderly parent is no longer able to make decisions and that you are the best candidate to be their guardian. It would be best to hire an attorney to guide you through this process as they are best familiar with Florida laws regarding adult guardianship.
How to sell your parents’ home if they passed?
In case of the unfortunate event of your parents’ passing, there are two situations you can experience. The first option is if your parents had set up a living trust. It means they had chosen a trustee and established a trust that directs how to deal with their property after they die. It is probably the best solution because there is no need for probate to transfer the property to you if there is a trust. So, you get the house, and you will have to manage it, but you won’t have to make all of the decisions because your parent had done that for you. A living trust simplifies things for you considerably.
Alternatively, and also most commonly, the property will become yours with a will and an executor. An executor is a person who your parents appointed to ensure the property is distributed the way they had stated in the will. While the will does help by outlining who gets what, it has to go through probate courts before transfer. It, per se, is not a huge problem, but it is inconvenient as it can take some time.
Finally, in case there is no trust or a will, which usually happens if parents pass unexpectedly, the state law will determine who will inherit what and who will be in charge of the process. Again, the best way to handle this is with the help of an attorney who will know Florida laws regarding these situations and refer you to the right people.
Steps to selling your parents’ home in Tampa
Once you have sorted out all the legalities concerning your inheritance, you can proceed with preparing your parents’ home for sale. The steps you will take are pretty much the same as with selling any property.
The first thing you should do is declutter. After decades of living in their home, your parents have likely accumulated a lot of personal belongings. You might not want to keep everything, and it certainly should go out of the house before potential buyers start visiting. The best thing for the family to do is pick a few items they want to keep. For example, family heirlooms, photo albums, and valuables. If your parents are moving into a nursing home, for instance, they have also probably only packed some personal items.
The rest, you should donate or sell if it’s in a decent condition. And if it’s broken and damaged and impossible to repurpose, discard it. Also, if there are pieces of furniture or similar bulkier items that you would like to keep but don’t have space to put, renting a storage unit is a good choice. In a situation such as this, it’s essential to find the best option for your furniture and ensure it stay in as good condition as it is.
To increase the home’s value and get the best price, you should do minor repairs and other renovation projects. But, ensure you only do those that will give you the best ROI. If you have an agent, they should help you determine what those are. For example, painting the house is always a good idea.
Before you list your parents’ home in Tampa, it is crucial to clean everything thoroughly. First impressions are important, and cleanliness will make or break the deal. You can outsource this task to a professional cleaning service. Cleaning is time-consuming and strenuous, and it demands good cleaning supplies. So, ultimately, hiring professionals will prove cost-effective, and it will save you a lot of time and energy, which you will need for more important things.
List your home
If you have decided to work with a real estate agent, they will help you determine your property’s state and value. They will also know market trends in Tampa. Knowing the market and performing comparative market analysis will allow them to price your property accurately. They will also know how to highlight the best features of your home that will attract buyers. Finally, they have the knowledge and skill necessary to market the house well and sell it quickly.
However, don’t make common mistakes when working with an agent. People often make assumptions that are not based on reality. For example, although an agent can help tremendously, they are not magicians. So, despite your expectations, your home may not sell instantaneously.
Or go with an alternative solution
If you don’t want to work with an agent and make things easier, you can contact Rise Real Estate Group and get an offer for your property immediately. This option is particularly attractive if there are any liens you didn’t know about, if the mortgage hasn’t been paid off, or there is a second mortgage on the house.
The bottom line
If you need to sell your parents’ home in Tampa, you will realize that the selling process itself doesn’t differ much from selling any other property. However, there are legal issues you will have to deal with before you list the property. Those can make the process longer and inconvenient. In addition, if the house was your childhood home, and you have many memories it’s crucial to find a way to work through your feelings too. Though can be an emotional process, it’s important to set feelings aside and recognize the house as what it is, a piece of property, and focus on the memories you have in your heart.