Many homeowners have previously bought and sold homes. However, selling a senior’s home can be much more complicated, due to the number of unique issues and decisions…as well as the number of people involved. Though seniors usually make the decision to sell, it is not uncommon for adult children to help them sort through these questions:

Is moving the best alternative? If so, where? Have other options been explored?
Are close family members on board with a decision to sell?
What is the best way to downsize a lifetime’s worth of possessions and family heirlooms?
What are the tax-related implications of a sale?
What effects might a sale have on future income?

The financial, logistical and emotional issues involved in a move can be stressful for a family to navigate. Senior parents and their adult children may feel they are in unfamiliar waters as they deal with these questions.

That’s where a Seniors Real Estate Specialist ® (SRES®) like Steve can be of significant value in situations such as these. Steve is a REALTOR® who has received additional education on how to help seniors and their families with “late-in-life” real estate transactions.

Steve also draws upon a network of senior specialists such as financial planners and CPA’s, elder law attorneys and local community resources and services. The mission of this entire team is to help seniors and their families navigate the maze of financial, legal and emotional issues that accompany the sale of the home.

Financial Planning Services

For many seniors that plan on selling their home, they will encounter financial implications related to the sale or sale process.
For example, some seniors will consider a Reverse Mortgage as an option. A reverse mortgage allows a homeowner to tap home equity for cash without the burden of making monthly repayments.

Several things to consider regarding reverse mortgages; a reverse mortgage…

Is a loan against your home’s equity.
Requires no repayment as long as you reside permanently in your home
Is repaid at death, the sale of the home, or if the owner permanently moves out
Can be made as a lump sum, used as a credit line if needed, or can be paid out as supplemental monthly income
Can never exceed the value of the home. If at the time of repayment, the home is worth less than the amount borrowed, the lender can never demand more than the market value of the home.

As a certified SRES® agent, Steve works with reverse mortgage counselors and lenders to provide clients with financial alternatives to selling their home. These professionals can help homeowners determine their eligibility for programs and assess the amount available based on the home value, age of the homeowner and area of Southwestern Ohio in which the homeowner resides.

Finally, seniors faced with a sudden decision of having to sell their home may also have needs or concerns related to tax situations, estate planning and possible financial assistance. If you have these needs, Steve can match you with the “pros” with the answers.

Pre-Sale Home Inspections

In many cases, the decision to sell a home comes sooner than seniors anticipate and as such, the home may have problems or issues that are not know to the seller or the seller’s family. These issues can range from minor items such as a leaky faucet or a bad electrical outlet all the way to severe issues such as HVAC problems, mold and/or asbestos issues. In the case of the latter, it is almost without exception best to identify and remedy severe inspection issues before the home is listed for sale. This strategy allows the seller to make necessary repairs in advance…often saving the seller considerable money doing so versus the buyer demanding the same repairs in a post inspection report.

So enter the pre-sale inspection…Steve can refer to senior sellers an inspection service that concentrates on the “big issues” while many times saving the seller one half to one third of the price of a so-called “regular” inspection.

Housing Options

Making the decision to move can be difficult. Many seniors can take heart in knowing that their next move is to the home of an adult child Other seniors and their families face the task of selecting a home which will meet their needs in terms of care, community and comfort.

Choosing housing that meets your family’s needs and anticipates future needs can be a challenge. Furthermore, it can require a significant financial investment depending on the level of care desired.

Steve can help you navigate the process…he can:

Familiarize you with the various types of senior housing available in your area
Suggest important questions to ask when you are visiting various housing options
Refer you to other professionals who can help you understand and compare the true costs of each option, determine which options are affordable based on your financial situation and examine the legal contracts involved in the process.

Home Cleaning and Clutter Removal

Cleaning the home in advance of listing it, removing clutter and so-called “junk” as well as disposing of other items can be overwhelming to say the least…especially if you are facing a lifetime of possessions with the knowledge that you must make decisions on what to take and what to let go. Moving companies or family members can remove the “good stuff” so to speak but what about the “leftovers” or “junk”

Steve can help with the “junk”; if needed, he can refer families to individuals and organizations in Southwestern Ohio that simply remove what is left. These companies can recycle items, donate items or ins some cases, refurbish items and re-sell those items to a third party.

Elder Law Services

Because the laws surrounding senior issues are so complicated, actions like selling property can affect areas that seem unrelated but are critical to a senior’s well- being, such as qualification for benefits. It is important to retain the services of an attorney who specializes in elder law and who can structure legal documents and transactions in a way that protects the assets, benefits and rights of an aging parent.

The following statement from the National Academy of Elder Law Attorneys perhaps says it best…Legal problems that affect the elderly are growing in number. Our laws and regulations are becoming more complex. Actions taken by older people with regard to a single matter may have unintended legal effects. It is important for attorneys dealing with the elderly to have a broad understanding of the laws that may have an impact on a given situation to avoid future problems.

Elder law issues in many cases are critical…If needed, Steve has elder law referral options.

“Fix It” Services

In preparing a home for sale, owners are often faced with a myriad of minor repairs that should be mitigated before the house is listed. Examples can be minor drywall repair, painting, doors not closing or locking correctly, a faulty light switch, etc. In some cases, homeowners have the talent and time to make such repairs; however, in the case of many senior homeowners and/or their families, lack of time and/or lack of skills often place such owners in the position of having to pay for help. Most significantly and in many cases, senior owners simply do not know who to turn to for help.

We recognize this dilemma and as such, Steve can offer senior homeowners and/or their families a consultation with a “handyman” repair service. The consultation will identify the repairs needed and the owner will receive a quote for services/repairs needed. The owner can choose to have the repairs made or look for a solution elsewhere.

Moving Services

Moving from the family home can be overwhelming, especially if you are facing a lifetime of possessions and must make choices about what to bring and what to let go. These decisions can be paralyzing because each possession often triggers “a walk down memory lane”.

Family members can help a parent sort through possessions, pack and move. But sometimes hiring a third party is the best thing.

Evaluate the contents of your old home and assess space available in the new home.
Work with a senior to determine how much will fit into the new home.
Help sort and make decisions about what to keep and what to leave.
Manage the process of packing and moving, then unpacking and arranging possessions in the new home.

As an SRES® agent, Steve can refer you to a moving company that specializes in the needs of seniors.

© Copyright - The Culham Group, LLC