What to Know About Senior Home Purchases

Are you thinking about selling your home in your golden years? When you’re ready to downsize, there are a few ways to move on. The best way to sell your property depends on a few factors: the condition of the property, the market conditions, and how fast you want to get out. Senior home purchases should be navigated carefully — there are people who might try to take advantage of older home sellers.

Luckily, you have a few legitimate options when it’s time to sell your home as a senior. Whether you’re moving into senior living or becoming a snowbird, we can walk you through the various choices. California Family Homebuyers also buys homes from seniors who don’t want to list with MLS.

Traditional home sales

The most common way to sell a home is by putting it on the open market. If you’ve been able to keep up repairs on your home over the years and you have a few months to wait, this might be the best option. You can receive multiple offers and choose the most attractive one. Many successful senior home purchases are traditional sales. On the downside, selling on the MLS means paying a real estate agent’s commission and fee. If you’re on a fixed income, this will cut into your profits and affect your retirement fund.

Reverse mortgages

Many senior home purchases are structured as a reverse mortgage. Under this scheme, a lender pays you every month (instead of you paying them). Over the course of many years, they will eventually own your home. For seniors who own their home outright, a reverse mortgage represents additional income to live on. And you get to sell your home slowly while you still live in the property. It can be a win-win for seniors on a fixed income who don’t want to move out of their home. On the downside, a lender will slowly own some of the equity in your property, which will affect what happens to your home when you’re gone.

Private sales

Many senior home purchases are private sales to investors or companies like California Family Homebuyers. If your home is in need of repairs and you don’t want to dive into your retirement funds to fix it, this can be a smart option. We are able to purchase homes in less than perfect condition. Plus, we move fast. If a place in a senior living facility opens up and you need to sell your current home quick — a private sale might be the best option. We don’t charge a commission and you get to set the closing date on your preferred schedule. Private sales may not yield the most competitive price, but they can be the simplest and fastest sales.

Are you a senior who is looking to move? After many years in your home, California Family Homebuyers understands that moving can be stressful and you might have overlooked some repairs. Call us today to see if we can buy your home. We will accept most properties in as-is condition and make your move as compassionate as possible!

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