Mark, Home Seller in 48067

Must sell fathers house

Asked by Mark, 48067 Tue Aug 19, 2008

My Father has become disabled and has been moved to a senior care home. As his son and power of attorney. I must sell his house. I know the neighbor (and a friend) is interested. I want the best for everyone involved. How should I proceed.

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8
Dave Muti, , 07054
Tue Aug 19, 2008
One of the most accurate measures to come up with the “right” listing price is to have an appraiser do a true valuation of your property. This takes all emotion out of the equation from you. It is a stark objective view that an eventual buyer’s (or your neighbor's) mortgage lender will undertake so you might as well get it out of the way before you list the home. The expense of a few hundred dollars is easily offset by positioning the house to sell at its current market value so you know you are getting what it is worth and your neighbor also feels like he is getting a good deal. Of course you can always sell it for less but at least you will know.

If you have a mortgage planner that you have used in the past you may be able to save a little on the cost by using your mortgage planner’s appraiser. Since they are in the business of ordering these regularly they usually have a discounted price arrangement. Hopefully this is helpful.
Rgds,
Dave Muti
1 vote
Derek Bauer, Agent, South Lyon, MI
Wed Aug 20, 2008
Mark - I agree with the advice of my colleagues. Whether it is a friend, neighbor, family member, etc., you want to be sure the paperwork is accurate, binding, and tight. It is in your best interest to work with an attorney, and/or a trusted, established, reputable Realtor.
Web Reference:  http://www.DoorToDreams.com
0 votes
smith3gary, Agent, White Lake, MI
Wed Aug 20, 2008
Mark,

While the answers below are good. I would take some time to verify this can be done while your father is in the senior care home. There may be consequences to selling the home and it may be that you either have to keep the home vacant or rent it.

The reason I bring this up, I'm not an expert, is that a home across from my inlaws was for sale, and had to be taken off the market. Nursing home informed them the parent had to have a home to remain in their facility. After the parents death the home was sold. Just want you to be careful, perhaps some other Trulia members can provide more information.
Web Reference:  http://mi-living.com
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Wed Aug 20, 2008
good morning......i would be happy to help...i can pre-approve the buyers for you.....have an appraiser check the value...and work with one of our title companies to close your deal....bob mcclure- mortgage now- farmington, michigan.....(248) 974-4444 dircet cell.....
0 votes
Maureen Fran…, Agent, Birmingham, MI
Tue Aug 19, 2008
A Realtor can help you with the transaction. It will all depend on what you want them to do. They can show you comps and give you an idea of where comparable homes have sold.

It sounds like this could be an amicable transaction, but it is still important that both sides interests are protected so that there are no problems later.

You need to also make sure that your friend is financially qualified for the purchase.

I wish you the best with your father. I am sure he appreciates your help.
Web Reference:  http://miRoyalOak.com
0 votes
Missy Caulk, Agent, Saline, MI
Tue Aug 19, 2008
If you want to sell by yourself, hire a local appraiser to determine the value.
If not Google Realtors in Royal Oak, interview them and decide who you are comfortable with and whom you like their marketing plan to sell your home.
0 votes
Lisa Bender, , Howell, MI
Tue Aug 19, 2008
Ask a couple different Realtors to complete a market analysis of your Father's home. From there negotiate with the friend/neighbor on the price. You don't have to hire a Realtor to help you sell the home but you can hire them to help you complete the sale such as order title work and get the deal to "close" which can be very time consuming especially if you've never done it before. Typically a Realtor wil only a 1-2% of the purchase price to handle of the tedious work.

Hope this helps ... best of luck!

Lisa Bender
Keller Williams
Web Reference:  http://www.ClickThisHome.com
0 votes
Brian Butter…, Agent, Royal Oak, MI
Tue Aug 19, 2008
If you have a buyer...many agents will act as a transaction coordinator for a small commission....
0 votes
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