Senior Citizen's Guide digital books
Senior Citizen's Guide to Cleveland

Seniors Caught in the Real Estate Meltdown

As we age, we demand specialists in our health needs, so we must also demand that same level of expertise in our housing needs. A Senior Real Estate Specialist is a real estate broker or agent that has been educated in the needs of a senior client. A SRES will guide you in making decisions about selling the family home and buying a new home that fits your needs either downsizing or moving to some type of a senior living community.

Selling the family home is more than just marketing the family home. It is selling a lifetime of memories. Decisions must be made on what to keep, give away, sell, or donate. A SRES will provide professionals that can help with the process. Importance is directed to items that hold the most sentimental value. This is a process that takes time. Allow the time-savor the memories. The SRES can coordinate the personal property appraisal, the estate sale and oversee the preparation of the home so it shows at its best and will keep all parties informed.

A Senior Real Estate Specialist will guide a client selling the family home, and buying a new home that fits their needs. A SRES can offer relevant information regarding probate, estate planning, and a variety of equity conversion strategies. Through experience, a SRES has established a network of professionals, CPA’s and financial managers that specialize in the tax implications of owning real estate. A SRES works closely with attorneys, administrators, trust officers, and executors. The sale must comply with local probate laws for the conveyance of the property. Seniors, when purchasing, often want the new home to be titled so that the value of the home is protected and there are no legal issues with their heirs.

Active adults view relocation as a change in lifestyle, often seeking homes in communities that match their personal interest with their financial means. There are many options available for retirement living. Active adults may choose to downsize in stages when moving from a larger family home. There are many low maintenance communities with attractive amenities that attract the active adult.

A Senior Real Estate Specialist will carefully listen to your desires and needs. It is important that the home meets the present needs and can be easily adapted to accommodate any challenges that may occur in the future.

There are decisions that may have to be made by family members. Changes in health may be sudden and dramatic. Direction interaction with family members is critical. The SRES must be knowledgeable with the use of power of attorneys, trusts, guardianships, and all probate matters.

Prior to purchasing, a SRES will suggest that an inspection be completed by a licensed inspector to discover any problems with the home, that are not detectable by the non-professional, that should be repaired before the transaction closes.

A SRES will bring professional financing specialists to ensure that there are no scams or fraudulent loans. There is also the availability of a reverse mortgage, which can be used for the purchase of a new home. This can be very advantageous for the senior buyer. In this market it takes an unusually long time to sell a home. By using a reverse mortgage, no payments have to be made on the new mortgage and when the family home is sold, the proceeds do not have to be paid back on the new mortgage. The net proceeds can be kept to replenish a savings account or do anything they choose.

Care, compassion and career experience based on extensive knowledge are the qualities of a Senior Real Estate Specialist.

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