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July 11th, 2022

How To Sell A Home On Someone Else’s Behalf

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, How To Sell A Home On Someone Else’s Behalf

Real estate transactions are often complex, and estate sales can add a whole new level of stress. You’ll often need to go through quickly at a time when you’re already emotional and don’t have the resources to prepare the home for sale. 

These guidelines will take you through the process step by step and hopefully erase some of the stress of selling a home on someone else’s behalf.

Preparing Now Will Save A Lot Of Heartache Later

No one ever wants to think about their loved ones growing old or becoming unable to manage their own affairs. It’s a painful subject that is easy to avoid, and no one enjoys the feeling of “being put out to pasture.” 

But talking about it now let’s find out what your family members want when and if the time comes that they can no longer decide for themselves. Being prepared doesn’t mean that tragedy is around the corner. It just makes those troubling times a little easier to get through and allows your loved ones to be treated with the dignity they deserve. 

One topic you’ll want to approach is whether or not to designate you as a Power of Attorney (POA). Why Do You Need This?

Selling A House You Don’t Own

Legally, you can’t sell a house if you don’t own it. Power of Attorney gives you the ability to act if an emergency arises or your family member becomes incapacitated. No one can grant this status unless they are currently of sound mind. That’s why it’s important to address it before it becomes necessary. 

If your loved one becomes incapacitated before assigning POA, you may have to ask the courts for permission to manage their property. No one needs that hassle, especially when you’re already facing an emotional situation.

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Power of Attorney Vs Executor

The two terms are sometimes used interchangeably, but they mean very different things. 

  • An executor acts on behalf of someone who has passed away.
  • A Power of Attorney acts on behalf of someone who is still living and unable or unwilling to manage their own affairs.

Both duties are very involved and require a lot of responsibility. Having someone place that amount of trust in you may cause a flurry of emotions. It is a high honour, but can feel completely overwhelming, which is just another reason to establish POA in advance.

Types Of Power Of Attorney

Power of Attorney can mean different things. Some types give you the power to act in certain circumstances or for a limited time. Others give you total authority over an individual’s estate. Power of Attorney falls into two different categories:

  • Power of Attorney For Personal Care. You can make decisions on matters of health and medical care for another person. 
  • Power of Attorney For Property. This is what you need to have permission you sell a home on someone else’s behalf. It gives you the authority to manage another person’s finances and property.

Power Of Attorney Is Not Just For The Elderly

Should you discuss assigning a Power of Attorney over your own affairs? It might surprise you, but POA isn’t just for seniors or people who are mentally deteriorating. It can apply to anyone, even in the prime of life. 

Assigning Power of Attorney means that someone you trust can step up in case you ever have an accident or sudden illness. It’s a way of protecting your family when you can’t be there. 

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Selling Property For Someone Else – Why It’s Different

Once you have the legalities out of the way, selling a home on another’s behalf isn’t much different from a regular sale. There are some differences, of course. Generally, a POA sale takes place much faster.

You’ll have less time and fewer resources to manage the home preparations that go into a sale. Unlike a regular sale, there’s no joy or anticipation of moving to a new home. It feels like the end of an era and can be painful. As a result, you may be tempted to sell the property as-is just to get it over and done with.

However, as a trusted POA, it is your responsibility to earn as much from the sale as possible. Your loved ones may depend on the proceeds from the home to fund their retirement and any personal care they may need. 

The more the house sells for, the more comfortable they will be in their later years.

How A Local Real Estate Agent Can Help

Selling a house you don’t live in can be difficult, but a local real estate agent can take care of almost everything from start to finish. 

  • All that cleaning and decluttering that feels so overwhelming to you? Consider it handled. Your agent will have access to contractors and professionals who will get the home into tip-top shape without you having to be there.
  • Comparable marketing analysis and knowledge of local stats will help determine an attractive price point that entices buyers and maximizes the value of the home.
  • Powerful marketing strategies to bring your listing to as many targeted buyers as possible. This is a critical step if you want a quick sale.
  • A professional negotiator to represent the homeowner’s interest and showcase the best features of the house.
  • All of the legal contracts and paperwork filed correctly to ensure your sale goes off without a hitch.  

A local real estate agent will pull out all the stops to earn as much as possible from the sale. This leaves you free to spend quality time with your loved ones and help them adjust to their new lifestyle and surroundings. 

Do you have any questions about the legalities or process of selling a home for someone else? We are happy to help. You can reach out to us here for a free seller’s meeting.

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