If you have been residing in your house for an extended period, selling it may not have crossed your mind.
However, unforeseen circumstances such as a severe illness or accident affecting you, a family member, friend, or relative living with you, may necessitate the sale.
There could be various reasons for this, such as the property being too spacious or the need for specialized care not available in your current location.
A Medical Condition Can Make Selling Your Home More Difficult
When you’re responsible for the sale and working directly with real estate agents or auctioneers, but you’re also dealing with exhaustion or emotional and physical health challenges, either for yourself or a loved one, the entire selling process can feel overwhelmingly burdensome.
Selling a home involves numerous tasks that can be time-consuming and daunting, even under the best circumstances. When you or someone you care about falls ill, these responsibilities become even more challenging, intensifying your anxiety about finding a buyer.
When faced with these challenges, it can be tempting to delay the sale of your property. However, it’s important to understand that procrastinating may only exacerbate the situation. Take a moment to ponder these questions as you contemplate your next steps. Should you choose to sell, we are here to offer our assistance.
Before Selling Your New York Property During A Serious Illness, Here Are Some Questions You Should Ask
While you may have numerous questions about your current situation, we have endeavored to highlight the most crucial ones that you and your loved ones should consider. Furthermore, we have strived to offer concise answers and guidance to assist you.
Is My Illness Going To Require Me To Reside In A Care Facility Or With A Relative?
If medical doctors have informed you that you will need long-term care, it may be prudent to consider selling your home, unless they have provided you with reason to believe that your condition will improve. However, if there is a likelihood of improvement in your situation, selling your house may not be the most favorable course of action.
Will I Require Cash To Cover Medical Expenses Associated With Consistent Care?
If you need funds to cover long-term care expenses, selling your home can be a practical solution to obtain a substantial amount of money. However, it’s important to consider your living arrangements once your health improves.
If you’re facing a chronic condition or a terminal illness, having the financial resources will provide benefits for both you and your family. For certain situations, like Alzheimer’s disease, where long-term care with no fixed end date is required, this option becomes even more relevant.
Have I Exhausted All Home-Health Care and Financial Aid Options?
If you have access to home health care and financial assistance, it may be possible for you to continue living in your own home. A healthcare social worker can guide you towards these potential options. You can find more information and resources for financial assistance for the elderly on this New York website.
If you live far away from your potential caregivers or if they have concerns about your well-being in your current home, it may be a wise decision to sell your house and relocate closer to them. Many senior advocacy organizations highly recommend staying near your family during your golden years. For more information, you can refer to this article: The Importance of Family in a Senior’s Life.
Will I Have A Financial Loss If I Sell This House Now?
If your mortgage debt exceeds the value of your home, it’s important to assess your situation. Consider consulting a property buyer or realtor for advice. In this scenario, reaching out to your mortgage company and exploring the option of negotiating a loan modification could be beneficial.
You might also explore the possibility of finding renters or engaging in a lease-to-own arrangement with potential buyers. Remember, seeking professional guidance is key when faced with such circumstances.
Is This Home Paid For Or Nearly Paid For But In Need Of Repairs And Remodeling Prior To Sale?
Below, we will delve into various approaches for selling a home in its current condition, without the need for repairs or renovations. This could be an opportunity worth seizing, especially with the support of your loved ones and close friends. Let’s explore these methods in more detail.
Making these choices can be incredibly challenging. Should you choose to sell, there are two options available: working with a real estate agent or engaging a professional home buyer. If your property is in good condition and requires minimal repairs, renovations, or downsizing, opting for a traditional sale through a real estate agent will likely yield the highest price.
While there might be some waiting involved for a buyer, enduring home showings while recovering from illness, and waiting for the closing process, selling your home will ultimately result in higher financial gains. Undoubtedly, this is the most advantageous approach, especially if you still have a significant amount remaining on your mortgage.
If your home is in disrepair, older, and needs cleaning and sprucing up, you may consider seeking the assistance of experienced cash property buyers like Velocity House Buyers.
Velocity House Buyers is a compassionate, professional, and ethical home buyer who collaborates with investors to purchase your home for cash. No repairs, cleaning, inspections, or remodeling are necessary. The entire transaction can be completed in as little as a week if required.
We understand that you have a lot on your mind, and we would be delighted to assist you in evaluating your options. After inspecting your property, we can provide you with a cash offer. This will give you concrete numbers to make a more informed decision. If you would like to learn more about how the process works, you can find detailed information here . To get in touch with us, please use the form on our website or give us a call at 717-639-2164. We wish you nothing but the best.
About Greg Helbeck
Greg is passionate about real estate investing in his home state of New York. He is known for his dedication to solving property challenges for homeowners, no matter their situation. Greg successfully juggles his career, family commitments, and his physical fitness. He is also actively engaged in his community and consistently aims to excel in all his endeavors.