Selling an Estate Property or Downsizing in Ohio: What Families Should Know

Maybe your parents are ready to move out of the house they've lived in for 40 years. Maybe they're weighing a 55 and over community or independent living. Or maybe you're handling a loved one's home after they've passed, working through an estate.

Either way, you're facing a lot more than a home sale. There's a lifetime of belongings, paperwork you've never seen before, an attorney, and a long list of decisions. On a recent training, Mike Pillow from our team and I talked about how many families are going through this right now. Here's what I've learned from helping them.

First decision: stay, move, or sell

Not every older homeowner needs to move. Many want to stay in their homes longer, and sometimes a few changes make that possible. We work with a contractor who specializes in exactly this: moving laundry from the basement to the first floor, adding grab bars, and other changes that make a home safer and easier to live in.

If staying isn't the right fit, the options usually include downsizing to a smaller home, a 55 and over community, independent living, or assisted living. Some families also decide to keep the home and pass it down. The right choice depends on health, finances, family, and what the person actually wants. There's no single right answer.

If you're moving to a senior community

Timing is often the hardest part. Many people want to move into their new community before selling, while others need the proceeds from the sale first. The staff at these communities are experts on their community, but not on real estate.

That's where a good agent helps. Talk with one early, before you commit to a move-in date, so the sale and the move line up and you're not carrying two homes longer than you need to.

The stuff: decluttering, selling, and auctions

For most families, the house isn't the hardest part. The belongings are. Decades of furniture, collections, tools, and keepsakes need to be sorted, kept, sold, donated, or disposed of.

This is where the right help makes a huge difference. Depending on your situation, that might include:

• A downsizing or organizing specialist to help decide what goes where.
• An estate sale or liquidation company to sell furniture and household items.
• An auctioneer for larger or specialty items. Mike Pillow recently sold a farm in central Ohio where the family needed an auction for big farm equipment, not a garage sale.
• Cleaners, haulers, and movers to get the house empty and ready.

Families often end up searching Google for each of these one by one. You shouldn't have to. A good agent should already have a list of people they trust.

Getting the house ready to sell

Once the house is empty or close to it, you'll likely need some work done: a handyman for small repairs, painters, landscapers, a deep clean. With an older home, it's worth getting honest advice on which projects are worth doing before you sell and which ones buyers won't pay extra for.

Selling a home through an estate

If you're selling a loved one's home after they've passed, an estate attorney will usually guide the legal side. The person handling the estate, often called the executor or administrator, has the authority to sign for the sale.

That affects the paperwork. The listing and sale documents need to be in the estate's name, with the administrator signing in that role. Your agent should know how to fill those out correctly without the attorney having to explain it.

Recently I handled a sale where the estate attorney needed several things at once: a handyman, a cleaner, and an agent who understood how an estate sale works. I also knew that in some estate situations, the seller may be exempt from completing the usual property disclosure form. So I sent the attorney both the disclosure and the exemption form and let her decide which was appropriate. She chose the exemption.

That's the kind of detail your agent should know, but the legal decisions always belong to your attorney. Don't rely on your agent for legal advice about the estate.

Don't forget rentals and commercial property

Many people in this generation are experienced investors. If your parents or loved one owned rental homes, apartment buildings, or commercial property, those need a plan too. Selling occupied rentals and commercial buildings works differently from selling a family home, so make sure your agent has experience with them or can bring in someone who does.

Build your team before you need it

The families who have the easiest time are the ones who line up help early. A trusted attorney. A real estate agent who has done this before. A short list of reliable people for cleaning, repairs, sorting, and selling belongings.

If your family is facing a downsizing move or an estate sale anywhere in Northeast or central Ohio, our team can help with the sale and connect you with the people who handle everything around it. Schedule a time to talk with me or someone on our team at 21mike.com.

Want to see the full conversation? Watch our training on the silver tsunami.

Mike Ferrante
The Mike Team at LPT Realty
www.21mike.com
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