This case study is about how we helped our client, who was the Trustee of his mother’s estate, sell his mother’s family home while he was living out of state. Since you’re reading this, perhaps you are faced with having to sell a parent’s family home and feeling a bit overwhelmed? Are you looking for a top Los Angeles agent to help you figure it out? Before we get started, remember: we’re here to help you sell your family home with ease and confidence.
Please don’t hesitate to contact us with questions you may have about selling your family home in Los Angeles, the real estate market in general, or where to begin as a home buyer or seller. We have many years of experience serving clients in the Los Angeles metro area and we’d love to help you too. Click here to contact us.
When Is It Time To Sell A Cherished Family Home?
There are many reasons why it might be time to sell a parent’s family home. Usually, a change in life circumstances will trigger a sale and while this may be a difficult and emotional decision, it can also be freeing and maybe even lead to a happier life for you and your parent(s) if they are still alive.
As a top Los Angeles Realtor and a certified Seniors Real Estate Specialist (SRES), I know from experience that there is no “set formula” when it comes to selling a family home because each family and each home are very different. However, there is one thing that all these situations have in common: it’s going to be a lot of work!
Your parent(s) may have passed away, and your family wants or needs to cash out of the home. Or maybe your parent is ‘house poor’, facing financial stress and no longer able to deal with expense of maintaining the home. If the home is a two-stories the stairs could be a dangerous challenge.
If you live far away, you may be tired of coordinating logistics with caregivers and playing telephone with doctors always worrying about what the next issue will be. Or perhaps it’s just time to downsize into a senior living community where there will be a ready-made group of friends and activities.
In this case study, our client was the eldest son in a family who had recently lost their mother. The mother had been living in the home alone for many years. The eldest son was the Trustee of the estate and he and his wife lived out of state. They wanted to sell the home “as-is” meaning they didn’t want to be responsible for any repairs. Because our client had never actually lived in the home, he had very little knowledge about the issues of the home, however he was nervous about the condition and deferred maintenance.
SELLER CONCERNS WHEN SELLING OUT OF STATE
The seller had several major concerns about selling the family home in Los Angeles. First of all, logistics – how would the contents of the home be dealt with? There was a lifetime of furniture, art and collectibles in the home. He was also worried about the real estate market in Los Angeles. Was now a good time to sell? Should they wait?
Granted, many sellers have these types of concerns, but because the seller was selling a family home and living out of state, his concerns were amplified. Since he was not here in person, he needed an agent to be his eyes and ears and an advisor he could trust to make thoughtful recommendations and guide him through the process.
This was not a problem for listing agent Jane Dalea-Kahn and her team of professionals at Compass.
Jane and her team are very familiar with managing all of the details for out-of-town sellers. They have an organized process to keep clients informed while making sure all the logistics are handled on their behalf in a professional manner.
From complex decisions such as pricing strategy and negotiations to the basics like opening the door for home inspectors, securing the property and arranging for estate sales, we are here to handle everything so that you can relax and make thoughtful, informed decisions. This is why most of our business comes from repeat and referral clients. Hire an experienced, professional, full-time specialist like Jane Dalea-Kahn…you’ll be glad you did.
THE MARKET
Our client was very concerned about recent changes in the Los Angeles real estate market. He knew the home was in a great location and would command a premium. Because his elderly mother had lived in the home for so long and was not well, she had fallen behind on some basic maintenance. Add into the mix the high interest rate environment and slowdown of home sales. He wondered if buyers would be put off by the deferred maintenance and the outdated finishes of the home. He wanted to sell the home “as-is” and was adamant about not repairing anything.
Our client wanted an agent he could trust. He had held a real estate license many years ago and was familiar with the various issues at play so he wanted to make sure he was getting thoughtful and ethical advice. He wanted someone who took their fiduciary duty seriously and put his interests first especially since he was out of state. We held our client’s hand from beginning to end making sure he felt informed every step of the way and empowered to make smart decisions.
WHAT ARE THE PROS OF SELLING “AS-IS”?
Selling “as-is” is attractive proposition because the seller will not have to worry about making any upgrades or repairs thus saving time and money upfront. This strategy can be beneficial if
the property is distressed and in need of repairs. Because there will be very little preparation and marketing, the home can usually be put on the MLS quickly without investing money or time.
WHAT ARE THE CONS OF SELLING “AS-IS”?
Selling “as-is” is going to result in a lower sales price. Think of it as “wholesaling” a property. While you’re not spending money on improvements or staging upfront, buyers will factor this into the pricing and the lower offers will reflect that. Also, the pool of buyers will probably more limited since not everyone is willing to invest their time and money into improving a home. Most Los Angeles homes for sale are professionally touched up or staged because it results in a higher sales price which is worth the extra effort to some sellers.
Since there is a lot of competition for turn-key properties, sometimes the best solution may be to move out while the home is being prepped and staged for the market. This is how we help sellers realize the highest possible sales prices. But we also realize this is not the path for everyone. At the end of the day, you must do what is right for you and your unique situation.
DO WHAT IS RIGHT FOR YOU
After the initial consultation, we reviewed the sellers remaining concerns, clarified his objectives and then signed all the paperwork via Docusign. Our seller had no interest in renovating or staging the home. He did want to clear out the home and needed our help with a recommendation for an estate sale professional. After clear out there were some additional odds and ends that needed attention – again, we secured the right people to handle each situation.
We then created a marketing strategy to showcase an interesting history. One of the previous owners was the famous cowboy actor; Clint Walker, star of “Cheyenne”. Although the home was dated, it had a Western ranch vibe with beautiful post and beam ceilings, original hardwood floors (hidden under carpet), unusual Saltillo tile floors in the kitchen and a half-acre flat lot with a swimming pool and 3-car garage that could be made into a large studio or ADU.
Because the seller wanted to net as much money as possible, our objective was to find a buyer who was not a developer. Someone who would want to restore the home and not tear it down. A buyer like this is usually willing to pay a higher price. We ordered some photos of Clint Walker to display on the fireplace on which he had painted his initial “W”. We wanted buyers to appreciate the history of this home.
THE RESULT
The result was excellent! Even in a tricky market where many sellers were having difficulties getting their home sold, we got multiple offers for our seller. Jane Dalea-Kahn, (Compass listing agent and strategist) was very direct and honest with clients. While they may not always like what she has to say, at the end of the process they were very pleased. And here’s our sellers 5-star review of Jane Dalea-Kahn on Google:
“We cannot say enough good things about Jane. We were selling a home in a Trust, but we live in another state. She took care of every detail, is very professional, extremely knowledgeable and helpful. Anything we needed to get done she made easier by providing us with contacts for tradesmen, etc. since we were out of state.
She looked ahead for our needs and updated us daily. She was a pleasure to work with. We highly recommend her to anyone looking for or selling a property.”
BEST LOS ANGELES LISTING AGENTS
Do you resonate with this Los Angeles home seller’s situation? Maybe you have other questions about the listing process and how to prepare your home for sale? We would love to chat with you and answer all your questions. At no obligation, please contact us to schedule a consultation.
As a top Los Angeles real estate agent, I have the experience, network and skills to address your concerns and reach your real estate goals. Our brokerage, Compass, is the #1 brokerage in
the United States and consists of specialists at every level, offering you a full-service real estate experience that only a team of experts can consistently provide.
When the time comes, we would love to help find your perfect home here in the Los Angeles metro area—by getting you into the home you want and getting more from the home you have now. Until then, stay up to date by signing up for our newsletter, our monthly email packed with valuable real estate news and market information, LA Area events, culture and more. Just share your email below to subscribe. Let’s talk soon!
