Helping Someone Sell a Home (Video Transcription)
Hi everyone, my name is George Belleville. I’m a realtor in Maryland, and I’m creating this video because I wanted to share some information about how to help plan to sell a home for a loved one who needs your assistance. It’s usually a parent or an older relative, but it could be anybody else who’s having a medical challenge. I wanted to share some information about that and tell you some things that I have learned either through my own experience or through education that I’ve had. I’m a Senior Real Estate Specialist, and my goal is to help make this process smoother and better. It’s not always smooth, and it always has challenges, as any move does, but I wanted to share some information about how you can start planning now to make that a better process.
I’ve had a few friends in the last couple of years who have gone through significant challenges with this process—helping parents, dealing with legal and guardianship issues, and more. These experiences inspired me to make this video. Often, people realize in the middle of the process that prior planning might have helped tremendously. Hopefully, this video will help you plan ahead because the reality is that all living arrangements eventually end. That’s part of being human. No matter where you are now, you’re going to leave and go somewhere else eventually. The earlier you can have those conversations, the better the process will be, and the smarter decisions you can make along the way.
One of the things I’d like to do is lay out the process that we use for getting people to the finish line with either buying a home or selling a home. We call it the Head for Home Real Estate PATH. This video focuses on helping someone sell a house that’s not yours. PATH is an acronym for Plan, Assess, Take Action, and Head for Home. I’m going to touch on each of these steps briefly in this video, and we’ll have follow-up videos to dive deeper into each part of the process. Planning ahead decompresses the process, and having these conversations earlier makes it easier for everyone. As you can imagine, someone who is older and approaching the end of their life choices doesn’t want to be told what to do or feel pushed. It can be a scary situation for them, so starting this process early, getting them on board, and having conversations about their wishes will make things less stressful in the end.
The PATH Process
Plan
The “P” in PATH stands for planning. Having a plan is significant because having the conversation sooner allows everyone involved to participate and have input. Spouses, siblings, and other family members often have a vested interest in the outcome. Imagine the difference between sitting at the kitchen table 10 years before a critical decision versus sitting at the table after a life-changing doctor’s appointment and asking, “What are we going to do now?” The decision-making and emotions in the latter scenario are much more strained. Starting the conversation early is always better.
Plans can change, of course, but having a framework opens the door for meaningful discussions. It’s crucial to talk about the steps early to avoid surprises. We’ll have a follow-up video that focuses solely on planning to help you break it down into manageable pieces.
Assess
The “A” in PATH stands for assess. There are many things to evaluate, and we use a mnemonic to help:
- Money: This includes legal aspects, estate planning, wills, and financial plans.
- Motivation: Why are they moving or not moving?
- Must-haves: These might include proximity to family, doctors, or specific living arrangements (e.g., mobility considerations).
- May-haves: Nice-to-haves that are not essential but desirable if possible.
- Where: Where they’ll move to.
- When: When the move will happen.
In this phase, you’ll assess various factors that influence decisions. For example, if you plan early enough, you’ll have time to work with an estate planner and create a financial plan. On the other hand, if financial resources are limited, you may need to explore options like living with family. Some people are proactive and want to make decisions while they still have control, while others resist until the last minute, which creates additional challenges.
The planning and assessment phases often overlap. As you assess the situation, you may need to revisit and adjust the plan. This back-and-forth is normal and helps refine the process.
Take Action
The “T” in PATH stands for take action. Initially, this means having the necessary conversations. Then, it’s about following through with tasks such as:
- Drafting wills and estate plans.
- Setting up financial plans.
- Holding meetings with family members to discuss roles and responsibilities.
- Researching potential living arrangements.
Taking action also involves executing the plan when the time comes, such as identifying and selecting a new place to live, handling the logistics of the move, and ensuring everyone involved knows their responsibilities.
Head for Home
The “H” in PATH stands for head for home. In a standard real estate transaction, this refers to closing, inspections, and moving in. In this case, it encompasses much more:
- Selling the current home.
- Moving into a new home or living arrangement.
- Handling additional tasks like updating medical records, notifying insurance providers, changing addresses, and managing Social Security or Medicare details.
This phase can be complex and involves more than just signing paperwork. It requires coordination of various aspects, including healthcare needs and financial updates. We’ll also be creating follow-up videos featuring experts who can offer insights into these specific challenges.
Final Thoughts
Hopefully, this video has given you some helpful things to think about. Whether you’re planning for yourself or assisting a loved one, consider these questions:
- What do I want to do?
- Where do I want to go?
- How early can I start this process to make it as seamless as possible?
Planning early can reduce conflict and ensure the best possible resolution for everyone involved. Thank you for watching to the end. Stay tuned for follow-up videos, and have a great day!