The Best Time to Prepare for the Future is Now

Posted on

Oct 08, 2020

When preparing to make changes to your current living situation, you need to consider everything from legal, financial services, packing, moving and real estate disposition. And it doesnt need to be overwhelming. There are trusted advisors available for you, in fact, some of these services are complimentary.
Deciding what to do with a long-loved home can be a challenge.The good news is there has never been a better time to sell. While the inventory is low, local buyers are out in droves and more are coming to Colorado from densely populated areas. As of this writing, interest rates are under 3%, the lowest we have seen in decades.
The option of a reverse mortgage enables you to stay in your home using the equity in it for retirement. In a reverse mortgage, the equity you have built up over the years is accessed to use the money any way you want and your heirs are still entitled to the home and remaining equity.
Whatever your needs, be assured you have trusted professionals who will answer your questions and help you plan for your best future.

Editors Note: This article was submitted by Marie Jacobs, Seniors Advisor and Seniors Real Estate Specialist, specializing in One Stop Shopping for Seniors In Transition. You can reach her at 303-919-4122 or email: marie.jacobs@sothebysrealty.com.

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How To Find a Trusted Home Buying Company

Being up front with you, for the first 10 years (of the now more than 25) of being "in business" as a home buyer, I really didn't know why a home seller would sell to my company.  Although I looked at houses, made offers, and bought houses, I also had the question in the back of my mind... "why doesn't this person just list their house with an agent?"Then the real estate market, along with the rest of the economy "corrected" in 2008.  In the several years after that, I had more seniors and their families calling me that wanted to sell a house.  Because they typically had no or very little debt, they actually could sell their house if they wanted to.The way the market was back then, I would talk to numerous sellers who had listed their house with an agent (some more than once), and when the house didn't sell, would call me.  We are in a much different market now, but the reasons that a seller would sell to a home buyer haven't changed all that much.Sellers would typically tell me that they had spoken to one or more real estate agents, were told they needed to do this, fix that, etc, to list their house, but they didn't want to do those things.  They just wanted to sell their house.For years, one of the first things I ask a seller is, "why wouldn't you just list your house with an agent?"  And, they typically always have or had a reason or reasons why they didn't.A common item that I heard and continue to hear from sellers is, "I'm sure I could get more for my house if I listed it, but I like and value the benefits your company offers, so I would prefer to just sell the house to you."These were the hundreds of sellers that "taught me" why they would choose to sell their house to me.Not needing to get "top dollar" or finding value in home buyer company non-financial benefits are something that seems impossible to grasp for most real estate agents.Are Home Buying Companies A Scam?In my view, some certainly are.  As I've discussed in other articles and videos, beware of "wholesalers."  Wholesalers are individuals or companies that state that they buy houses, advertise that they buy houses, but actually have no intent or financial ability to do so.  Once they get a contract to purchase a house, they look for a "real" buyer to sell the contract to and close on the transaction.Because they have no financial risk, they can often overpromise what they can pay for the house.  And, if they cannot find an end buyer, it leaves the seller in a very precarious position, or the wholesaler tries to reduce the purchase price.Another problem is when a home buyer doesn't actually look at your house before making an offer.  When they make an offer without looking at a house, and the seller signs an agreement with them, and they do finally inspect the property, the price will likely be reduced based on some unknown item the buyer states that they weren't aware of.A real home buyer should be able to "close" and purchase a property as soon as a title company can check title and prepare closing paperwork.  With Home Downsizing Solutions, in less than 7 days, or when the seller wants.  We've even purchased a house within 24 hours of having an agreement signed!Characteristics Of A Good Home Buying CompanyI will provide several characteristics of what I think you should look for in a good home buying company, as these are items that I have done to ensure we are "one of the good guys."Have a Real Estate License.  I think its beneficial for a member of a home buying company to have a real estate license.  In an effort to serve sellers I work with as well as possible, I have a real estate license as well as an SRES (Senior Real Estate Specialist) designation.This allows me to provide information on the positives and negatives of listing a house as well as selling to a home buying company.  Have The Financial Ability To Actually Buy Houses.  As mentioned above, there are companies that state that they buy houses, but actually don't or can't.  In my company's case, we actually buy houses.  I encourage sellers to call the title/closing company that the home buyer says will close the transaction to confirm that they can actually buy the house, and not just act as a middleman to sell the contract to the end buyer.I also encourage sellers that I work with to call the title/closing company to ensure the purchase agreement contains the specific information that the seller is agreeing to or understands about the agreement, so that there are no misunderstandings before closing.No Pressure Sales Tactics.  I would warn sellers to beware of companies that pressure a seller to sign immediately, or before they were comfortable with signing a purchase agreement.For a similar reason, I would also beware of agents that just want to disparage home buying companies and not acknowledge at least some of the benefits sellers find of value and choose to work with them.Transparency.  I think a legitimate home buying company should share market information with a seller so they can be as educated as possible.  In my case, we typically always show sellers comparable information for their area.  I want them to see the gross selling price that houses have sold for and the condition of those houses.  I also want to provide a realistic explanation of all the transaction costs to sell a house.Realize that when an agent says they can sell a house for $200,000, for example, that is a "gross" number and not the "net" amount that a seller will put in their pocket.  The total amount of transaction costs and what a seller will "net" from the sale of a house will vary and is dependent upon a number of factors.  In average markets, transaction costs will typically amount to 10% to 15% of the gross selling price.Credible and Trustworthy.  Home Downsizing Solutions and their predecessor entity have had an A+ rating with the Better Business Bureau for more than 25 years.  They also have numerous testimonials and 5 start Google reviews from those 25+ years.As mentioned above, I have a real estate license with an SRES designation.I've written books, articles, and provide other information to educate homeowners about selling a house and downsizing or moving to senior living.Home Downsizing Solutions is also an Industry Partner with the NASMM (National Association of Senior Move Managers).Why Would Someone Want To Sell A House To A Home Buying Company?What I tell every homeowner I meet with is, that if the benefits that Home Downsizing Solutions offers are of enough value, we can be a great solution.  Otherwise, one of the Total Solutions Agents we work with could be a better option to list and sell their house in a traditional manner.What Are Home Buying Company Benefits?No Need To Do Repairs or Updates to A House.  If your house is in great condition, this item is most likely not very important.  But to a person who has owned a house for 20, 30, or more years and has deferred maintenance or updates to be competitive with potential buyers, this may be a very valuable benefit.Contacting multiple contractors, getting bids, ensuring the work is done well, and living in a construction zone is not something that every homeowner wants to deal with.  I've also had numerous sellers say, "If I do all that work and put a bunch of money into my house, I just as well stay."No Need To Get Rid Of The Stuff.  With Home Downsizing Solutions, I always tell sellers to take what you want, sell what you want, and leave the rest...  we'll take care of it.  Unlike a traditional sale, where you want the house to show as well as possible, we don't care what the house looks like or the amount of stuff.  We purchase hoarder houses, so whatever stuff a seller has is not an issue.  This eliminates the need of getting a dumpster and the time and effort to go through stuff that a seller just doesn't care about.No Showings.  A lot of sellers we've worked with just don't want to get and keep their house in a show ready condition.  They don't want strangers in their house.  They don't want to have to leave their house every time an agent wants to show the house.  Maybe someone in the household has health issues that does not allow them to leave the house, or at least not without a great deal of effort and planning.No Whole House Inspections or Appraisal Surprises.  Most traditional buyers will, understandably, always want a whole house inspection.  And since most buyers need to get a loan from a traditional lender, they will need an appraisal.  In almost all but the very "hot" markets, these items notoriously will turn up "deficiencies" that give the buyer opportunities to renegotiate the purchase price.  In my company's case, we buy the house completely "as is."  Unless a structural issue has been discussed with a seller during the initial walkthrough or signing a purchase agreement, the price doesn't change.Move When You Want.  With Home Downsizing Solutions, we can close and buy a house, but let the seller remain in the house for up to 90 days or more.We have worked with many situations where the seller had a "catch 22" where they could either move into a new living arrangement right away but didn't want to leave a vacant house, or they wanted to sell but their new home or apartment wasn't ready for them to move into.  By buying their house and letting them transition to their new home or apartment on their schedule, we eliminated those issues.By being able to buy a house before having to move, sellers are also able to eliminate the need of a bridge loan, if they needed funds from the sale of their house to move into a new living arrangement.We have also worked with situations where we purchased a house, and let the seller keep possession until they were able to have a local resource have an estate sale so they could monetize whatever "stuff" they could.  Then we took care of any of the stuff that didn't sell, so the seller or estate sale company didn't have the time or expense to dispose of the items.Sell Your House And Stay As Long As You Want.  If you love your home but don't want to worry about maintenance or repairs, we now provide an option for that.  We can buy a house and allow the seller to rent the property as long as they want.  We can even come in, make updates or repairs to "age in place," and create the home environment you want.Provide Concierge Services.  A good home buying company, like Home Downsizing Solutions, will learn and understand the logistical needs of the seller.  We have provided or introduced sellers to services such as senior placement agents, senior move managers, moving companies, or other resources that made the transition to a new home less stressful.What Do Home Buying Companies Actually Pay For HousesOne of the first questions I typically am asked is, "what do you pay for houses," or "what percentage of market value do you pay for houses?"  It is common for real estate investing "gurus" to teach their new students to make offers of 70% to 75% of market value, minus repairs.  However, for a good home buying company, this is not all that accurate, and is a very simplistic way to look at this.  It would be comparable to say, "all real estate agents charge 7% to sell a house."With Home Downsizing Solutions, it depends... it depends on what time of year (holding costs are higher in the winter).  It depends on the comparables we can find to determine values or potential values of an area or subdivision.  It depends if there are just cosmetic and "stuff" issues to deal with or if there are structural or potential structural issues.  Another way to state the above is, it depends on risk.  If we perceive more risk to buying a house, our offer is going to be lower than if we perceive less risk.When a real estate agent lists a house, they have no financial risk.  When a wholesaler makes an offer on a house, they have no financial risk.  When my company buys a house, we have a lot of financial risk.  If our calculations are wrong, or there are issues with a house that we were not able to determine before purchasing a house, we can't go back to a seller and renegotiate.  We have all the risk.I know that when we speak to a seller, we have to be competitive with our offers, because they have multiple other options to choose from.  If we were not competitive or provide value to potential sellers, we would not be in business after 25+ years.Home Downsizing Solutions home buyers provides multiple types of offers for sellers.  One example of an offer, other than an all-cash offer, is if a seller doesn't need all of the funds from the sale of a house immediately, we can pay a much higher than retail price by making payments to the seller and turning the equity in the house into an income stream.  Another way to look at this type of option is, the easier it is to buy a house, the more we can pay.Is A Cash Home Buying Company A Good Option To Sell A House?Everyone's situation is unique, and one size does not fit all.  If you're considering selling your house, we can provide a free consultation to discuss the positives and negatives of the multiple options you have to get your house sold.  We want to provide the information you need to make an informed decision of the best path forward for your real estate needs.For additional information, just go to www.HomeDownsiziing.com or call us at (855)-433-5854.

Adult Daycare Centers

Traditionally, an adult daycare center is a non-medical, non-residential center supporting adults social, medical, nutritional, and daily living activity needs in a professionally staffed, group setting. These facilities provide seniors with transitional care and short-term rehabilitation following hospital discharge. You can sign up for one day a week, five days a week, or just come in as you need to.When to Consider Adult DayCare. According to the National Adult Day Services Association and the AARP, one might want to start looking into daycare when they start to see the following signs:The senior can no longer structure their own daily activitiesThere is a concernHere is a breakdown of the various types of settings and services you might find.Social Day Service SettingsThese programs usually offer nutritious meals, snacks, personal care, socialization, exercise, recreational activities, outings, and educational programs. These settings are often informal, and, typically, the care recipient attending these facilities is very independent.Medical Day Service SettingsThese programs are often housed and sponsored by hospitals or nursing facilities, or you will find free-standing centers. Medical and/or non-medical personnel are available at all times. Staff may include on-call physicians and nurses, therapists, social workers, certified nursing assistants (CNAs), personal care workers, drivers, and program directors.Specialized Day Service CentersThese settings are appropriate for patients with dementia or Alzheimers disease. They offer a safe and stimulating environment and provide socialization activities and outings.Shopping for Adult Service CareThe first step is to determine the primary need of the senior and then consider the following important aspects of adult daycare:Do they provide round-trip transportation?Are they licensing for administering medicine and medical procedures?What are the professional qualifications of the staff?Do they have a schedule of activities?Do they have nutritious menus that meet the needs of the client?Do they have competitive prices for services offered?What payment source do they take? Is it a county or charity facility? Is the seniors income low enough to qualify for assistance? Will the long-term care insurance company accept this as a reimbursable expense? Does the facility accept Medicaid? Or Veteran Benefits?What is the staff to client ratio?Daycare CostsAccording to the U.S. Administration on Aging, costs for adult daycare can range from as little as $25 to more than $100 a day, depending upon factors such as what services are offered. The average cost is just under $70 a day.Unfortunately, Medicare typically doesnt cover the fees. However, many may be eligible for financial assistance through other government programs, such as Medicaid, the Veterans Health Administration, and other state agencies. That means adult daycare may be a more affordable option for caregivers seeking help and respite than hiring a worker to provide in-home care.If you would like help finding the perfect adult day program for you, please fill out this form and someone will get ahold of you.If you or an aging loved one are considering home care in Broomfield, CO please contact the caring staff at Talem Home Care & Placement Services today. Call 720-789-8529.

Four Important Considerations When Choosing Senior Placement

If your loved one has reached a point where she could use some assistance in her daily life, now is a great time to start looking into hiring a senior placement coordinator to help you find just the right place for Mom to live and thrive. It can seem overwhelming to do all of the research yourself so once you know what youre looking for, having a local senior placement professional help you narrow down your choices will help both you and Mom be happy with her new place of residence.Before you pick up the phone or click that contact button, talk to Mom about these four topics to help your senior placement coordinator begin her search for your family.Financial AbilityOne of the first things to talk about is how much your loved one is able to spend on her upcoming care location. You dont need to have an exact dollar amount, and your senior placement provider will be able to help you find more resources. Knowing the ballpark of what youre able to afford will help narrow the field and reduce the amount of stress that comes with looking into dozens of locations.LocationHaving a clear vision of where you want Mom to live will help your senior placement coordinator pick some perfect places for your loved one. There are two key pieces of location to consider.Type of residence. What type of home does your loved one want to live in? Does she want a large place with lots of activities and plenty of people to meet and make friends with? Maybe shed prefer a smaller, more intimate home that only has a few other roommates and a consistent elder care provider.Physical location. Are there family members that your loved one would like to live near so that they can visit easily? Maybe she has a preference for city life versus country life? Knowing what she prefers will keep her happy in her new home.Medical NeedsLetting your senior placement coordinator know your loved ones physical and cognitive needs will help her find a place that can care for all of your loved ones needs. You should also look into the future and try to foresee what future needs your loved one might have. Moving into a location that can add additional services or shift their care level as your loved ones needs change and help you avoid having to make her move again in the future. Faith or Cultural PreferencesFor many individuals, their faith or cultural traditions are an important part of who they are, and living in a community that supports those beliefs can help them find community and comfort in the practices that theyve participated in for their entire lives. Your loved one may not have the ability to travel to the faith services she wants as she ages, so having those offered onsite might be worth considering if that is an important part of her life.Knowing the answers to these four topics will help your senior placement coordinator bring appropriate options to the table.If you or an aging loved one are considering senior placement in Aurora, CO please contact the caring staff at Talem Home Care & Placement Services today. Call 720-789-8529.