DO NOT SELL THE HOUSE.
When yall reach out to me about selling your mom's or grandma's home, I always present alternative options before we consider a sale. Essentially, I'm on the 'Don't sell big momma's house!' team. Even in a changing neighborhood, if offers for fast cash start pouring in, rest assured that the home is, or soon will be, worth more than what they are willing to pay you. There's a reason they want it—they foresee a profit. The truth is, whatever they plan to do with it, you can too—with proper planning and a solid team. So, why not maximize that profit for the very owner or family that invested their money, sweat, and likely tears into that home?
While most appreciate the alternative options I present them, we still end up selling because once the owner(s) decides to cut ties, there is nothing more I can do but proceed as directed.
My aunt was one of the two homeowners in my immediate family as I was growing up. My parents married in my aunts home. I took my very first steps at that same wedding. Many of our family get togethers were here throughout my life. If you stayed the weekend at this house, you KNEW church was not optional. It was happening. Even if it meant she had to take you to the Goodwill on Saturday morning to get you something to wear for Sunday morning ☺️.
After 43 years of taking meticulous care of it, my aunt finally decided to sell her home. But not before my own daughter got to show us her best dance moves on the very floor I took my first steps on…well, same floor sans the shag carpet. Lol
As her children rallied around her, collectively weighing the decision at hand, a formidable real estate company came along with a seemingly enticing proposition and was willing to pay it in cash. Fortunately, her astute support system possessed the foresight to recognize that despite the neighborhood's faded glory, there existed potential for a more lucrative outcome. With determination, they resolved that she likely could do better, or at least it was worth a shot. We got together to sell her home| based on facts and not greed. Good thing we did because we a little over tripled their number. 😉
Now, I could go into a lesson about gentrification, but I'll reserve that for another day. Instead, I'll leave you with this reminder: neglecting proper care for and subsequently underselling the cherished family home is often the catalyst for gentrification and the consequential loss of generational wealth for a family.
My aunt felt it was time for her to do something new and she wasn’t interested in becoming a landlord. I get that. But at that point it’s business. So we have to make it our business to see that our loved ones are getting their fair share of the business. Not the shit end of the stick.
In the realm of financial security, the significance of real estate as a perpetual asset canNOT be overstated. It is a cornerstone of stability for homeowners, and their following generations if handled correctly. As you navigate through the dynamics of your family, be vigilant in safeguarding this asset. When you observe signs of neglect in maintenance or witness the toll of time affecting their ability to uphold the property, HELP! However, if the inevitable decision to sell arises, stand as their advocate against deception and exploitation. Empower them to explore every avenue, ensuring they gain the maximum value from the investment they have nurtured. In doing so, you contribute not just to their well-being but also to the legacy of their real estate journey.