First let me say that enabling your parent to stay in his or her own home as long as possible is usually the best financial option. If adequate care can't be provided in the home, however, then it's definitely time to move on. For many families, the process of moving on includes the sale of their elderly parent’s home so the proceeds of the sale can be used for that care.
Most families, and most Realtors for that matter, are not familiar with, or intuitively sensitive to, the unique conditions of this selling situation. Having been through it myself and with my clients, I know how it feels. I've seen how other family members react. I know what issues come up. I know how to resolve them.
WHAT MAKES SELLING AN ELDERLY PARENT'S HOME DIFFERENT?
Chances are that your elderly parent has lived in their home for a long time. You may have even grown up there. The emotional attachments are very strong. At this point in their life, it may represent the control they so fear losing.Your parents may have an idea of what real estate used to be like, but with all the changes over the past decade, now they're almost like first-timers.
The Internet has changed everything. Real estate marketing used to mean ads in the local papers and a sign in the yard. If your parents don't use a computer much they may not realize how much more important online listings and the ability to communicate quickly, massively and directly with other agents is today.
Real estate transactions are so much more complex today than when your parents originally bought their home. The sheer volume of disclosures and papers to sign overwhelms many elderly parents.
Elderly parents will need more hand-holding than most home sellers. They'll need an agent who is willing to spend the extra time with them, to listen more carefully, to slowly walk them through the details, and patiently answer their questions.
You will need special attention, too. Naturally, you are protective of your parents. You'll need an agent who is honest and mindful to always keep you in the loop; send you copies of contract forms; be available to answer your questions; keep you fully informed about every aspect of your parent's real estate transaction process.
In short, you will need an agent with whom your entire family can form a comforting bond of trust.
Download my free Guide entitled, "How to Support Your Elderly Parent's Transition"