Moving into a retirement home for an elderly person often goes hand in hand with selling their property. Selling your house is a very long and meticulous process where the slightest mistake can have serious consequences.
To help you see things more clearly, Louis Sirois, Chief Executive Officer of Visavie and Sophie Gerin-Lajoie, Real Estate Broker – REMAX, discuss the subject of real estate and the process of selling your house when you are a senior.
Selling your house as a senior
For a senior who wants to move into a residence, selling his or her home can be a major anxiety factor. And while the process of selling a home is the same for everyone, there are still precautions to take for a senior. In fact, with age, all the formalities of a sale are often much heavier to take care of. This is why it is important to get help when you want to sell your house. The support and assistance of family caregivers can be of great help to an elderly person. Using a real estate broker is also a good solution for a senior who wants to sell his or her house and get rid of the complicated administrative procedures. It is also a guarantee that all precautions will be taken to ensure that the sale goes as smoothly as possible, and in compliance with the regulations in force in this field.
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The stages of selling
In this video, we discuss several topics in the home selling process. For example, should the senior sell the house before or after moving into a residence? Can he sell his house himself or should he use a real estate broker? How much does a real estate broker cost? Should he empty his house before putting it up for sale? These are some of the questions that we address in this video and that will help you better understand the different steps involved in selling a house before moving into a residence.
Transcript:
Hello everyone, welcome to a new capsule at Visavie. So this morning, we’re going to address a point that we’re often asked about. I’m in my house, I’m thinking of going into residency and I’m thinking of selling the house.
So what do I do? So we asked Sophie Gerin-Lajoie to join us this morning. Sophie, who has been in the real estate business for many years now. With her husband Marc, they make the Marc and Sophie team at Laval Re-Max.
And I asked her to come in this morning with a lot of questions. Welcome Sophie, thank you very much. So, the first question we’re going to ask ourselves is a senior who is thinking of going into a residence. Do I sell my house before I go to residency or do I go to residency?
Then I sell my house after? A question we get asked a lot, what would you do? Excellent question. In fact, we ourselves are often asked this question. And then, there are two scenarios, as you just explained, the scenario that we are going to recommend is to start the process with Visavie.
So you start a research process with your representative to get an idea. What is the residency market? What are the costs? How does it work? How long does it take? To get a first good overview of the project.
Then, ideally, if you are able to stop on a residence, on a complex, therefore an even more important step, your “mindset”, your state of mind will already be elsewhere and therefore when you will come back home.
Necessarily, it will be easier to pass to the stage of putting the house for sale. For the rest of us, when we put the property up for sale, there will be a promise to purchase that will arrive. There’s going to be a commitment to an occupancy date.
For us, it’s important that our clients. The seller is already his plan B. Where is he going? Because when the promise to purchase arrives, the deadline cannot be changed. So if we set a deadline of 60 days or 90 days, an accepted promise to purchase, we will have to move
So, I think that to be able to start the process with you, at the beginning, you are going to frame the residence project well. At the same time, we can start our big cleaning. We can start releasing our things, prepare the process, meet with brokers, start getting an idea of prices.
So, we can still start in parallel to prepare the house for sale. But I think the idea of saying I find my home and then I sell. I think that would be really ideal. Less stressed, it’s still a big project, is less stressed knowing where you’re going. Because also, to have
a house, because normally, we’ll take our furniture. We’ll let a residence have an empty house. I don’t think that’s the best thing to maximize the transaction price. Is that a point?
We’re very comfortable. We are very comfortable, we prefer a house that is clear because often, over the years, we accumulate, we accumulate, we accumulate. So I think that the idea could help people. These people who are making this big change, I even have a little trick to share with you.
But already, in your house, you often have a room that you do not use anymore. Free it, divided into three sections a section to give, a section to throw away, a section to keep for the residence and to begin, room by room, to break your chances to you have a child who comes home.
The you is able to say that, trash! That, to throw away! And continue in your process because we sell an empty house. There is no problem. We are comfortable because I told you it is the opposite that is more difficult.
And basically, when there is too much, when things are out of fashion, when the decor is disparate and it makes things that we see over the years, we come to accumulate a lot of things in our house that we see. Then there is a little bit of home staging, so.
So the other question that we have only seniors, children often ask, is that I take a chance to sell the house by myself? Or do I deal with a broker like you, Sophie?
I understand that you are going to preach for your parish. But explain to me why? In fact, the question is very good. Sometimes in markets that are very active, it might be tempting to say to hide able to sell my house myself, but I will hold Louis there it is not
complicated to sell a house. The tests of pyrite, the tests of radon, the serious tests. There are many people involved: the surveyor, the banker, the appraiser, the inspector. You’re going to have to deal with all of that. After that, the documentation by an error in a clause, it can be very expensive to write a clause that was missing, an important element
in the clause. So, it’s become very complex. So, I think what you want with a broker is to be guided from start to finish. But it’s a little bit, I would say like anything, it’s me. My accounting is not up to date with all the government regulations, accounting.
The haircut, hairdresser says before, in my house, I take a broker, so I deal with a professional. Is that it? Sophie the widows down here, the helpers, the stress of having strangers in our house, going around, opening our Armand, our wardrobes without security.
On this side, on TV, I think that the role of the broker has its place in any transaction because it is more complex. There is a whole question, it is to be protected by the law of the brokerage. So a transaction that is done with a broker is protected by the law and by the brokerage, which is something that you don’t have when you sell by mutual agreement.
when you sell by mutual agreement. Then, that’s what seems to be saying that will be our entry into the monetary portion of the thing. Exactly. I think, first of all, you have to understand that you don’t have to pay anything until the transaction is in the hands of the notary.
So, it’s the money, the fee. The commission is taken from the failure of the sale. You don’t have to pay anything. It will be taken from the notary. That’s where the money will be taken.
As it says, it varies according to the value of the property because usually, it’s a percentage that is fixed from the start in the brokerage contract and that is taken from the sale price of the property. And it’s more taxing to forget about the brokers and we forget to specify it.
It’s important, it’s a service, so it’s plus taxes and then it goes up. And so the price varies. When you have a daily contract in the middle of a match on his service offering, he’s going to present you. What is the percentage? It varies from one broker to another, but from the offer, you have to see.
What is offered to you within this price to make sure that if you want to compare one broker to another, it is to make sure to have the same fee. What does it represent? What is the fun? The enhancement?
The advertising that’s going to be done? Everything. It is with his soulas that the broker will be able to work. You have to remember that there’s going to be other costs. And that, once again. Ask your broker to prepare his plans well, to have surprises at the notary.
So, are there any receipts to write off the notary fees? It is thought that it is me who will. I have no fees, no, but the charges? To have expectations on the tax camps, the school board will also charge for it the checks.
So there are still fees for the certificate of location, so it is probably necessary to make a new certificate. This is at your expense. And then, sometimes, you may have a property that will require title insurance.
So, of course, the broker will be able to tell you what the cost of the transaction is. It’s really going to vary depending on the value of the property. Okay, got it. Earlier, we were talking about giving the best look. Mostly, everyone talks about home staging, so putting the house on its best look.
So, giving an idea how to proceed to do this? Because not everyone has the talent to say let’s paint a little, let’s remove this carpet or that rug, let’s Zino, what would you do?
The things that my surprise with I surprise you with my answer. Yes, because for us, home staging is a step, yes, that can be done. But for us, the preparation of a listing, it’s really more the condition of the property where many people do not take the time, rather to look at what condition
my property is in. So, the first question we ask our clients is not whether certain features have been removed or whether certain stones have been removed, but rather when was the last time the house was inspected. So, when you see, someone is called back in the attic.
What kind of insulation? Because it’s been 25 years since the house has been sold? What kind of assessment is what we’re going to end up with vermiculite? It can be a quality level. We’re looking at asbestos and properties that are from the 70s.
We can end up with asbestos. I’m sorry if I have a memory, but what we do when we talk about preparing for sale. The first thing we’re going to recommend is if the house hasn’t been sold,” he said recently.
It’s by a present inspection. So with that, we have clues, we’ll have the general condition and we won’t be surprised when the buyer’s inspector comes to inspect. So if there are things to repair. I’d rather spend money on a crack that needs to be repaired or a water infiltration in the warehouse that nobody knew about
than to paint a wall white instead of pink. I was going for one. I totally agree with the principle of having one’s own appraisal beforehand because effectively, all buyers or the majority of buyers are going to come in with an inspection.
And then there they’re going to negotiate the price down significantly or run the parties. There will be a buyer. Well, then I think home staging, yes. Indeed, on site, we give advice. If indeed, we have resources, the brokers have resources.
So you don’t have to worry. And we have people, ties, handymen. We have facts, we have plumbers. It’s things that need to be fixed. Before we put it up for sale, we’re going to be able to.
Our clients excel, when well is what we think it can take sell our house, Sophie, it has to be either as random, I guess, but gives an idea right now, the market is active in a market, as I would say, which is currently a balanced seller’s market in some areas.
Given 30 days, I would say with good marketing, a good starting price, you should sell the property, but again, it depends on the condition of the house. It’s JonOne. one example these homes were all converted for mobility, so bathroom converted, walkways, entrances.
It’s definitely going to be a little bit slower because either you’re going to want to find a buyer who’s going to be willing to accept the current general condition or you’re going to have to do some work. But otherwise, it’s really a matter of starting price of general area conditions.
Your broker has tools if each sector is interested, offers us by each sector means. So that’s another and another way to know a little bit about the time frame.
But right now, the houses are relatively high.
You’re going to have seen the comparables and then you’re going to know normally at your house. Exactly. Yes, there’s a question that comes up. We understand that the market is a little bit special. What happened in the press and in the media.
People selling their homes without a legal warranty. What do you think about that? Very good question. People who sell their property to go into residence have the privilege of selling without legal warranty, at the risk of the buyer.
Banks that sell without a guarantee, without a legal guarantee, estates sold without a legal guarantee. There is also the cave of the Jaques, which is the main residence to go to residence. It is a privilege. They can indeed sell without legal guarantee, without worries.
It is recognized, it is accepted on the market. And the idea behind it is when you want. Not at all. That a buyer, two years later, we knock on your residence to tell you the roof. Schools where I opened the cabinet.
There is a crack in the language. We sell other assets. It is settled. It’s your pension fund, it’s your, it’s your money. After that, we’re in the clear. So no problem. The young house that has three bedrooms and I move into a smaller one in a residence, normally, what do I do?
Who goes? I understand your idea. Sometimes you’re in a room, I put my things there, but there are people who can help us get rid of our things, unless my children were taken, indeed.
And I would say that’s Premiere the most difficult step. I live it with my clients. It’s the most difficult stage because if you leave memories, you leave gaps and it’s really hard to leave the big buffet that dates from a second generation.
Our children don’t want the buffet, so there is indeed a choice, so we come to make the choice of what we bring in residence. And after that, there are organizations that can come and pick up the items.
There are different sites for discount sales. You have to understand that it’s going to be at a discount, but if not, you can also get rid of it. So there are companies example without naming them, but to companies that do collection of items.
It is in fact sorting the people around me. And there are also companies that offer turnkey services. There are companies. It’s once the person is in residence in the country. She knows everything that is in the house and empty the house and clean.
And after that, we put it up for sale. OK, so there are campaigns that have customer service, but. The last question? Who is not so difficult, but I take who to move is it always complicated? I do not have a mover.
Do you have these contacts? Do you have people that you suggest? In fact, it’s really an expense that needs to be planned because sometimes you might say I have lots of kids, friends, neighbors and everyone wants to help.
But I think it’s important to go and get a professional, again, because the residence will have restrictions, that’s for sure. Moving days, passageways, protection at the elevator entrances or a special door for the movers.
So I think it’s really important to deal with a professional. And yes, your courtesy should have resources of people who are specialized, who are capable, who have done residential moving before. And then you, because you’re going to have chosen your chair and those who are going to give you the moving guide.
So, he’s going to have instructions. That’s on Monday. Tuesday is on time, was on time and there are fines. If you don’t comply, there are fines. So you want to go and find a mover or what offer you guarantees, guarantees of protection to ensure word of mouth, so the reference to
such an important move. So, yes, your broker should be able to refer someone to you, Sophie and Claude. Thank you. 1000 times, I enjoyed our time together. I think for everyone who’s going to listen to this little video clip, you’re going to get a lot of information, you can go
You can see the information from Marc and Sophie on the portion that will give you access to this video. So, we hope you will enjoy it. Good day to all of you from Visavie, Louis Sirois.
