The First Step in Selling Your Parent’s Home

The First Step in Selling Your Parent’s Home

Selling your parent’s home is more than just a transaction; it’s a deeply personal process that often comes during a challenging time. Whether you’re handling an estate after a loved one’s passing or helping your parents transition to a new chapter, knowing where to start can make the entire process smoother.

One of the most critical first steps is notifying the right organizations and institutions. Taking care of this early ensures your parent’s accounts are handled properly and reduces the risk of identity theft. Here’s what you need to know to get started.

Notify the Social Security Administration (SSA)

If your parent was receiving Social Security benefits, notifying the SSA is essential. In most cases, the funeral home will report the death on your behalf, but it’s always a good idea to follow up and confirm. If they don’t handle it, you’ll need to contact the SSA directly. Unfortunately, deaths cannot be reported online, so you’ll need to call or visit a local SSA office.

Taking this step not only stops benefit payments but also ensures any eligible survivors receive the benefits they’re entitled to.

Notify Financial Institutions

Next, reach out to your parent’s financial institutions. This includes:

• Mortgage lenders: Notify them of the situation and discuss the options for the home loan moving forward.
• Banks and credit card companies: Request account closures and ensure no unauthorized activity occurs.
• Investment firms: Work with financial advisors to address investment accounts and determine the best course of action for any assets.

Each organization may require a certified death certificate or other legal documents. Contacting them early prevents complications later on.

Contact Credit Bureaus

Identity theft is a real concern after someone’s passing. To protect your parent’s identity, notify the three major credit bureaus:

1. Equifax
2. Experian
3. TransUnion

Request a credit freeze or alert to prevent anyone from opening accounts in your parent’s name. This is a simple yet effective way to safeguard their legacy.

Notify Insurance Companies

Insurance policies often play a significant role in estate settlements. Notify all relevant insurers, including:

• Life insurance: Begin the claim process for any benefits.
• Health insurance: Cancel coverage to avoid unnecessary premiums.
• Home and auto insurance: Update or cancel policies as needed to reflect the new ownership situation.

Having these policies in order ensures there are no lapses in coverage while you’re managing the home sale.

Notify Utility Companies

Don’t overlook utility providers. Contact companies for:

• Electricity
• Gas
• Water
• Internet and cable

Let them know about the transition to avoid missed payments or service interruptions. If the house will remain vacant during the sale, keep essential utilities running for showings and inspections.

Gather the Necessary Documents

As you notify these organizations, you’ll likely need multiple copies of the death certificate and proof of your authority to act on behalf of the estate (such as a power of attorney or executor documents). Staying organized will save you time and headaches as you move forward with selling the home.

Taking these steps early is essential for setting the stage for a successful home sale. Once the administrative tasks are in order, you’ll be better positioned to focus on preparing the property, determining its value, and marketing it to potential buyers.

If you’re ready to move forward or need help navigating the process, let’s talk. Click here to schedule a time to connect. Together, we can create a plan that honors your parent’s legacy and ensures a smooth transition for your family.

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