I got a call from my sister last week. Bro, you need to come home. Mom is really fading fast. I think she is waiting on you to die.
You arrive home in the wee hours of the morning, after flying all night. The house seems devoted to caring for an elderly parent. The house smells different. There are pills and doctor stuff on the dining table. Caring for the cleanliness of the home has become secondary to caring for mom. Sister is exhausted and depressed.
If you are like most families, coping with the death of a family member, also means that your parents are leaving you with a house along with the velvet ribbon mom used to tie back her hair. Remember the ring that flashed when mom threw her hands in the air at surprises. That is here and all the possessions accumulated over the years.
Boomers stand to inherit upwards of $27 trillion over the next four decades, according to The Center of Wealth and Philanthropy at Boston College, and a portion of that includes the house their parents lived in. When that house becomes yours, figuring out what to do with it can present financial and emotional issues. If your siblings are involved, things can get even trickier.
Coping with the death of a family member means deciding what to do with the house and the possessions. You don’t live nearby. Coming home means a lot of expensive travel and time away from work. Decided that after she is gone, we will sell the house and split the proceeds according to mom’s will. My sister has thought of living in Mom’s house, but then she would need cash to buy us out. A loan is not an option, with sister’s low retirement income. Fixing it up to sell is an option, but those fixes require money. It is a forty-five-year-old house that needs major TLC.
One of the first things we will do is a house cleaning. Once the house is clean, we can see the condition of the house. If you’re inheriting a house that needs upgrading, get an inspection, like we will do before making any decisions. The amount of money you may have to sink into the place just to make it insurable could determine whether you choose to sell it, or rent it.
We have already sought the advice of professionals. Mom decided to put everything in a trust to protect the assets. Other professionals could include a real estate agent or real estate investor experienced in this neighborhood. These professionals can walk through the house, see if work needs to be done to sell it. They can give you an idea of the house’s worth.
One of the professionals included Styl Properties. They make cash offers to sellers. They look at a house. Styl Properties notes what needs repairing, what needs upgrading to meet buyer’s standards, and make a cash offer for the house with a close in less than 30 days.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast to resolve any situation.
If you’d like to give us a ring, we would be more than happy to spend some time with you to help you understand the process and to get all of your questions answered. You can reach us at 402 999.0577.