Selling Your Parent's Home

Chloe Dertinger  |  September 5, 2023

Selling

Selling Your Parent's Home

In times of change and transition, we understand the emotional connection that often comes with selling a beloved family home filled with years of precious memories.  Pair that with all the decisions that need to be made around clearing physical contents and what sorts of repairs or upgrades to make (or not), and the whole situation can feel downright daunting!

Ironically, these challenging situations are the ones I feel most proud of in serving my clients.  It’s a time where I truly feel I can make all the difference in presenting solutions, navigating direction and offering a more strategic perspective and game plan when things seem cloudy. 

Increasingly, the populous boomer generation is exiting their established homes, where many have lived upwards of 25 or more years.  The children of these aging adults often shoulder the responsibility of selling the home if the parent(s) can no longer live there independently or have passed away. 

Having not been the primary occupant of the home, questions commonly arise that descendants simply don’t have the answers to.  To limit the stress and complications surrounding unexpected obstacles, here are a few items I recommend preemptively researching to avoid being caught off guard midway during the sales process: 

 

Verification of Ownership

Step one is always running a title history confirming the chain of ownership for the parcel number.  We do this to ensure no unexpected persons or entities are listed as co-owners on the deed and to verify what liens, if any, are tied to the property.  Let’s not have any estranged family members or outstanding debts surprise or delay you in closing escrow and receiving your settlement.    

 

Easements & Property Lines

That title report we ran may also give us helpful information about what additional parties have a right to use, access or cross portions of the property.  Before we sell, it is important to understand any rights or restrictions other neighbors or utilities may have tied to the property.  Additionally, fence lines may or may not reflect the actual boundaries of a parcel.  Clarifying perimeters up front can save time and complications down the road. 

 

Permit History from Home Improvements

One of the top questions buyers seem to love asking is “Was this work permitted?” Let’s figure out how we are going to answer that question before it is even asked. Depending on local ordinances, home improvement projects may or may not have required a permit.  And despite these requirements, an owner may or may not have elected to pull a permit, or forgot to close out a previously pulled permit.  Regardless of permit status, knowing what renovations, additions or conversions an owner made to the property and identifying the details of that project and permit history in advance of sale is always a good idea.  

 

Capital Gains and Tax Implications

In the case of multiple named owners where the home is in a trust, the time of passing of one party triggers a reassessment of the property value.  Professionals can then be utilized to determine the new “stepped up cost basis”  which factors into determining capital gains tax calculations.  Consult with your tax attorney or other accounting professional for guidance in determining a strategy to maximize your financial return within the scope of current laws.  

 

Every successful sale includes an intentionally designed plan and strategy that is exclusive to the property.  Using a combination of local market data, insights from skilled vendor partners and previous client experiences, we’ll help distinguish the advantages and trade-offs involved with making or foregoing repairs or updates, selling on-or-off market, and when the best time may be to start the process.  Connect with a trusted professional, like me, to discover all the options and resources available to you.     

Bottom line, there is no one “right way” to sell a home. Your family's circumstances are unique, so it's important we start with a thorough conversation to better understand your specific needs, expectations and goals.  You need both information and support, because selling a parent’s home is just as much about achieving a gainful financial transaction as it is respecting the memories and emotions intertwined with the home.  

Remember, you are not in this alone.  Contact us today to take the first step towards greater peace of mind and clarity in making informed decisions in caring for the sale of a loved one’s home.  


Recent Blog Posts

Stay up to date on the latest real estate trends.

Selling

Sharing Knowledge & Empowering Our Community: Connect California Homes’ FREE Home Seller’s Seminars

Chloe Dertinger  |  March 1, 2024

Selling your home can be a daunting task, especially if you're unsure where to start or how to leverage your property's equity effectively. That’s why Connect Californ… Read more

Community

Where to Find Santa in the East Bay Area

Chloe Dertinger  |  November 15, 2023

The Holiday Season has arrived, which means Santa Claus is coming to town! Here are many opportunities to find Santa around the East Bay Area for a magical photoshoot … Read more

Selling

The Story Behind the Sale - 3484 Windsor Court, Pleasanton

Chloe Dertinger  |  November 7, 2023

2023's Only $2M Home Sale in Pleasanton Meadows

Selling

Top 12 Questions To Ask When Interviewing A Realtor®

October 31, 2023

Selling a home is a significant decision that involves multiple considerations and complexities. When a homeowner is considering embarking on this journey, seeking the… Read more

Community

Volunteer Opportunities for Breast Cancer Awareness Month in the Tri-Valley/East Bay Area

Chloe Dertinger  |  September 25, 2023

Volunteering is a meaningful way to make a difference in the fight against this devastating disease. Through volunteering, you become an essential part of a collective… Read more

Buying

What Experts Project for Home Prices Over the Next 5 Years

Katie Moe  |  September 14, 2023

If you're planning to buy a home, one thing to consider is what experts project home prices will do in the future and how that might affect your investment. While you … Read more

Selling

Selling Your Parent's Home

Chloe Dertinger  |  September 5, 2023

In times of change and transition, we understand the emotional connection that often comes with selling a beloved family home filled with years of precious memories.  … Read more

Buying

Comparing Today's Housing Market to our Previous 'Unicorn' Years Doesn't Add Up: Here's Why!

Chloe Dertinger  |  July 11, 2023

Attempting to compare housing market metrics between different years can be quite difficult in a typical housing market scenario. However, it's important to note that … Read more

Selling

Selling Your House Off-Market: Is It the Right Choice for You?

June 12, 2023

Considering selling your house? Learn about the benefits and drawbacks of off-market home sales, a discreet alternative to the traditional on-market approach.

Let’s Connect

You’ve got questions and we can’t wait to answer them.