Selling a loved one’s home? What to do, and NOT do!

Selling your parent’s home or that of a loved one can become a battleground between family members when practical decisions about pricing, renovations & profit sharing collide with emotional attachments and family dynamics. It can turn a simple real estate sale into a battle of trying to sell the home & salvage relationships.

First, set up who does what: Some family members may have different financial interests, timelines & preferences in the sale of the family home. Clear decision-making processes need to be established to make certain everyone feels heard.

A key to managing conflict with siblings & other family members is communicating clearly. Actively listen, let viewpoints be expressed & clarify “Does that make sense to everyone?”.

Put it in writing. It may seem unnecessary, but people hear things differently. To avoid selective hearing & misunderstandings―or arguments between family members, make sure all the decisions are written down. This includes the listing information, sales price, marketing, timing, distribution of proceeds and more. Follow up the conversations with emails the recap what was said & what next steps are.

Most family members share a common goal when it comes to selling the family home. They want a fair price, for the process to be handled professionally & successfully & for everyone to be heard.

If conflict becomes too extreme, take a break. This can help to reset the process, allowing everyone to regroup & refocus to move forward. Make plans to return to the process when everyone has cooled down & is ready.

Some common mistakes to avoid:

• Setting the price too high
• Selling “As-Is”
• Not eliminating clutter
• Overlooking repairs
• Trying to “hide” problems
• Cutting costs on marketing, advertising & photography
• Being unwilling to negotiate
• Letting emotions rule

If you have questions about selling real estate for a loved one, contact a Seniors’ Real Estate Specialist (SRES®), like Karen Daugerdas, your local Coldwell Banker REALTOR®, 847.494.1102, karen.daugerdas@cbrealty.com.