Nobody likes to think about the time we may need to care for our parents. Reversing the role we have been used to, when our parents cared for us. Unfortunately, it is inevitable that we will all grow old and as children we may need to help our parents. This may mean needing to sell a property, or family home to raise funds for care home fees or medical care. We are often asked, can I sell my parents’ house to siblings?
Selling Your Parents House
You may have been formally granted power of attorney to look after your parents’ affairs or may have been asked to do take on this responsibility less formally. Part of this may be the responsibility to sell your elderly parents home. If you have brothers or sisters, this can be a time where there are differences in perspective with other siblings wanting to keep the home. One solution may be to sell your parents’ house to siblings. Selling to siblings can be a solution but also present a number of challenges, especially if there is more than one sibling.
Sell My Parents House to Siblings Challenges
Most often siblings want to buy the parents house because of emotional ties. However, siblings may not be in a financial position to buy the house. This can put you in a difficult position, where you need to tell your siblings that they cannot afford to buy your parents’ home. This can cause problems within the family.
It may well be that you need to sell parents house to pay for care that they need. The brother or sister who wants to buy the house often does not understand this. They do not understand that you cannot give them the house without proper cash. You need to sell parents house to pay for care.
The sell my parents house to siblings challenges can involve multiple siblings. They each may want to buy the house. Then when selling your parents house you have to decide whether to sell to a sibling and to which one. This often leads to families falling out. With any decision made to sell to one would be seen as unfair on the others. This puts you in a lose-lose situation.
Often, the best way to avoid the sell my parents house to siblings is to put the house on the market. This creates new challenges when selling your parents house. Chances are you are going to want to consider options that allow you to sell the house quickly and release the cash to allow your Parents’ care to be paid for. You have the following options.
For Sale By Owner
Once you have decided that selling my parents house to siblings won’t work for you. The first option you may consider is for sale by owner. People often think this is one of the fast ways to sell my parents house. Unfortunately, they people are often disappointed as the house may not sell fast. Then you need to consider other options to sell your parents’ house.
Selling your parents’ house yourself can be a challenge. For example, if can be difficult to determine what houses like you parents’ are selling for. It can be time consuming and involved to find out. Then you have to decide how you are going to advertise it. This means you need to find a way that is both cost-effective and gives you maximum exposure for your parents’ house. The internet could be a way to do this, but you need to spend a considerable amount of time finding areas on the internet that will advertise the property for a reasonable price and ensure wide market exposure. If your siblings are not willing to help you this can be a time consuming and stressful way of selling.
If there are problems with your parents’ home you will need to solve them first. There may be repairs that are needed. Quite often the elderly are not able to handle the upkeep of the home. As a result it gets run down and not meet current standards. Prospective buys will want a survey on your parents’ home. This survey will go into great detail and list all items that require attention. You will then have to deal with repairs or agree to large deductions. Repairs are often time consuming and costly. Not to mention it can be very disrupting and emotionally draining on your parents if they are living in the property. If your parents or your brothers and/or sisters are not willing to pay for these repairs it can be extremely costsly.
Its unlikely that a traditional method which is selling through an estate agency will be the best method for you. It can take a significant amount of time and will present some of the same problems. The problems that come with selling the property yourself.
Sell your Parents’ House for Cash
The selling your parents’ house to your siblings may not be workable. You may need to sell your parents’ house to pay for care. It means you need cash and you may need that cash quickly. Selling your house for cash may be the best option for you to completely solve your problem.
There are trustworthy buyers who buy houses for cash. It means that your parents will have the funds they need. They will get this cash fast. It can then go towards their new accommodation, care, or can be used for other costs. It is going to be a big time saver and remove the hassle of the sale. The deal can complete within 7 days or at a time that suits you. It means getting cash for your parents’ house much faster than a sale to an estate agent.
Selling the house for cash can save your parents money. There is no need to put money aside for house repairs or painting. Selling your parents’ house for cash deals can be undertaken discretely. That means your parents don’t go through the hassles of dealing with trades people, estate agents or surveyors. It will be a lot less stress. You no longer have to look for fast ways to sell parents’ house. You don’t have to deal with the issues that can be caused by selling your parents’ house to siblings.
You won’t need to have dozens (potentially more!) people walking through your parents’ house. Looking in the cupboards, checking the condition of the bathroom and asking questions. You can now focus on your parents and the meeting their needs, whether that’s a care home, down-sizing or providing pastoral care. You will have the money in hand to get them settled in a new environment. You won’t need to pay estate agents fees, surveyors or solicitors fees.
All the issues about dealing with siblings (brothers or sisters) will be over. Selling your house for cash is a great way to get your parents’ house sold quickly, putting your parents first.
Sell Your Parents House for Cash Today
You don’t need to stress about how to sell your parents’ house. If you need to sell it today, don’t jump through the hoops of selling it to your siblings, selling yourself or via a traditional estate agent.. We understand that you need to sell your parents house as soon as possible, and that the house selling process is stressful and expensive. At K&G Lettings Limted, we specialise in buying houses quickly and without hassle. This removes the emotional and financial hassles that come with selling your parents’ home, ensuring you and your siblings can move on to the other more important things in life.
Do you have a question about the house selling process? Do you want to get your no obligation cash offer for your parents’ house? If YES, fill out the form below.
Even if you don’t decide to sell, we’d love to answer any questions you might have. Give us a call today on 01482 961961.
The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.
