Selling Your Parent’s Home for Cash to Pay for Care
Alzheimer’s disease cannot be prevented, cured or even slowed down. Unfortunately, this disease can present you with many problems if your parent is diagnosed with it. You are given the task of finding suitable accommodations and care for your loved one, while also facing the reality of what such treatment and housing will cost. If one or both of your parents are incapacitated due to Alzheimer’s disease or dementia, you may find that you have to sell their home. This prevents you from having to carry the cost of a home they are no longer able to live in on their own, while also freeing up cash that allows you to pay for the care they need while in a nursing home, assisted living facility or an at-home care provider in your home.
When a Parent Has Alzheimer’s, What Rights Does a Caregiver Have to Sell Their Parent’s Home?
If your loved one is suffering from Alzheimer’s and you need to pay for care for them, you may wonder what right you have to sell a home. The bottom line is that only the person who owns the house can transfer the house to a buyer. If your parent has become incapacitated, a power of attorney is the only person who can step in and act on their behalf for the sale to take place.
Even if your loved one has designated you their power of attorney, the courts still become involved in the process. The court has to approve each step of the process to ensure you aren’t taking advantage of your loved one. When you want to sell the home, you must petition the court and ask the judge to give you authorization to sell the home. You must then ask the court to authorize the payments to the nursing home, assisted living facility or caregiver out of the proceeds of the house.
It is important to note that you cannot petition the court for approval to sell the home until you actually have a signed contract for the house. As such, be sure to include in the contract that the sale is subject to approval by the court. Once you and the anticipated buyer sign the contract, it can be filed with the court and a judge will issue a ruling on whether you can sell the home based on the circumstances.
What If My Parents Never Appointed a Power of Attorney?
It is much easier to sell the home if your parent becomes incapacitated if they appoint you as their power of attorney before they lack the mental recognition to do so. However, if they have gone down hill quickly, or you didn’t think to do it sooner, you may be wondering what to do if you were never appointed a power of attorney. If there is no appointed power of attorney, and your loved one has lost capacity to execute one, you will have to apply for guardianship to be able to sell the home. This is not something you should try to do alone. An elder care attorney should be consulted and hired. Here are some of the reasons why:
- Trying to prove your parent is incapacitated is challenging and may require medical evaluations.
- Your siblings may question or dispute you trying to become power of attorney.
- You need the courts to sign-off on your selling the home, which can be challenging.
- You need to account for where all of their money is going. One mistake can cost you.
Ready to Sell Your Parent’s Home?
If you are ready to sell your parent’s home today, contact us at iBuyUtahHomes. We understand the difficulties of caring for a loved one with dementia combined with the difficulties that can arise while trying to sell a home, especially one that has treasured family memories. iBuyUtahHomes is a real estate investment company that buys all homes. We buy them in As-Is condition, fix them up and flip them. This allows you to sell a home without worrying about repairs or what problems a home inspection may reveal. You can bypass the expense associated with repairs, appraisals, real estate agent fees and we pay all closing costs. Call us for a quick and fair offer on your parents’ home today at (801) 447-1750.