Senior Citizens Selling their Home
Selling a home as a senior often involves unique considerations, but the core process is similar to any home sale. Here's a clear, step-by-step overview of what the process typically looks like:
1. Evaluate the Decision to Sell
Personal reasons: Downsizing, health changes, moving closer to family, transitioning to assisted living, etc.
Financial considerations: Home maintenance costs, property taxes, or leveraging equity for retirement.
2. Assemble a Support Team
Real estate agent: Ideally, someone experienced with senior clients or certified as a Seniors Real Estate Specialist (SRES).
Financial advisor: To help understand the financial implications.
Family or trusted friends: To offer emotional and practical support.
Elder law attorney (optional): For complex legal or estate considerations.
3. Assess the Home’s Condition
Conduct a pre-sale home inspection (optional but helpful).
Decide what repairs or updates are worthwhile before listing.
Declutter and possibly stage the home to appeal to buyers.
4. Set the Price
The real estate agent conducts a comparative market analysis (CMA).
Consider the current market and any urgency in the timeline.
5. List and Market the Home
Professional photos and online listings are crucial.
Showings are scheduled—consider convenience and safety for the seller.
6. Review Offers and Negotiate
Offers come in, and the agent helps evaluate:
Offer amount
Buyer financing strength
Contingencies (e.g., inspections, financing, etc.)
Closing timeline
7. Accept an Offer and Enter Escrow
Once an offer is accepted:
The buyer may conduct an inspection.
Appraisal and loan approval take place on their end.
Seller works with agent and potentially an attorney to review paperwork.
8. Prepare for the Move
If transitioning to a new home or facility:
Hire movers or relocation specialists.
Arrange for storage, donations, or estate sales if downsizing.
Forward mail and update addresses.
9. Close the Sale
Final walkthrough by the buyer.
Seller signs documents.
Ownership transfers and the seller receives payment.
10. Post-Sale Considerations
File change of address and notify relevant parties.
Handle tax implications (capital gains, exemptions, etc.).
Update estate plans if needed (especially if proceeds affect assets or inheritance).
For More Information about a Senior Citizen Selling their home, contact Allen Deaver of Asset Realty today.
