May 6, 2026 • 39 mins
Nobody wants their family digging through drawers for a deed while they are grieving, panicking, or trying to move a parent into assisted living on short notice. That is why we sit down with Deanna and Kelly to talk about the Home Legacy Folder, a simple printed or digital file that turns homeownership details into a clear roadmap your loved ones can actually use.
Deanna brings years of senior living experience, including helping hundreds of families navigate transitions where the home becomes the biggest and most emotional decision. We break down the real-world questions that show up fast: Is there still a mortgage, HELOC, or reverse mortgage? Are taxes current? Who is the insurance company? Is there an HOA? Where are the deed, title paperwork, and key records stored? We also talk about doing this securely, so organizing does not mean exposing private information.
Then we get practical about the stuff that trips families up during a sale or estate situation: repair history, roof and HVAC age, sewer and plumbing issues, and why property disclosures filled with “N/A” can scare buyers and create risk. We also cover utilities, keys, alarm and gate codes, mailbox keys, and “who to call” so the house does not become a burden. Finally, we walk through the most personal part, your wishes, including selling options that balance speed, privacy, and net proceeds, and how to prevent fights over belongings by talking early.
Grab the free Home Legacy Folder template from us, start with one page, and build it in baby steps. Subscribe, share this with someone caring for aging parents, and leave a review so more families find a calmer way to plan.
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Episode Transcript
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SPEAKER_00 (00:28):
Hey, it's Romina Patten on the Real Estate News
Radio Show, and today we're herewith Deanna and Kelly, and we're
gonna talk about somethingthat's not always easy to bring
up, but it's just a really,really important topic.
The show is called the HomeLegacy Folder, so you know where
(00:48):
we're going with that.
You're listening to the RealEstate News Radio.
You can hear all the previousepisodes over the last 14 years
of realestatenewsradio.com.
So what if something happens toyour home?
What if something happens toyou?
And I know that sounds reallyheavy, but many of us have
already dealt with this in ourfamilies.
(01:10):
And I know it it's not meant tobe a scary conversation at all.
It's actually a very lovingconversation where you're taking
part of your taking care of yourfamily.
It's a family conversation, it'sa practical conversation.
So if it's going to upset youtoday, don't listen.
Trigger alert.
But it's something so important,you know, for so many
(01:33):
homeowners, especially seniorhomeowners, or for those of you
who are in your 50s and 60s and70s and dealing with elderly
parents.
In fact, I've got I know afriend who's in her 70s, whose
mother, I just saw it onFacebook.
Her mom just turned 102.
Wow.
So, and she's in her late 70s,she may even be in her 80s.
(01:54):
I'm not gonna name her becausethat wouldn't be fair.
You never tell her late age,right?
So, you know, for for many ofyou, it's it's not just the
house, it's where your kids grewup, it's where the holidays
happen, it's where you makefriends with the neighbors, it's
where you maybe grew up aroundpeople you went to school with,
it's where decades of memorieslive.
(02:15):
Of course, remember we have amemories video for that as well.
So today, me, Deanna, Kelly,we're talking about something
called the home legacy folderand how to pull it together.
It's a simple folder, printed ordigital.
Um, it just helps everybodyunderstand your home, your
wishes, who to call, and how togo about it.
We do actually have a templatefor you.
(02:36):
It's all free.
We'll tell you where to get holdof that.
So I want to start with Deannatoday because she spent so much
time working with senior lifeduring those major life families
for we managed a senior, a bigsenior living community for 14
years.
Deanna.
SPEAKER_01 (02:56):
Well, thank you, Ro.
You know, I'm I'm glad that youbrought this up because it's
such an important topic.
Um, you know, in my experiencein senior living, I've seen how
quickly things can become veryoverwhelming for families.
And, you know, there's a there'sa lot of moving pieces to that
transition.
And when uh a senior is movinginto a senior living community
(03:16):
or when health changes happen,the home often becomes one of
the biggest decisions.
You know, the family is reallyasking a couple of quick key
questions, excuse me.
You know, uh, what do we do withit?
First of all, how can we makethis work for our loved one?
Um, what's the home worth?
Is there still a mortgage?
Uh do they need some equity tohelp pay for the care?
(03:39):
And and that's often the casebecause, you know, as
homeowners, that's typicallysomeone's most important and
valuable asset that they work sohard to get throughout their
life.
So uh, you know, another keything to remember is is all of
these decisions and choices andpaths that they're going
through, uh, they're happeningwhile the family is going
(03:59):
through a really emotionalstate.
They're tired, they're trying tomake decisions quickly.
Often the what I call the olderadults, the children with aging
parents, they're they've gottheir own families to care for
and their own jobs to tend to.
And so this is why a home legacyfolder is so powerful.
It gives them a place to start.
(04:20):
Um, you know, we should say itdefinitely doesn't replace an
attorney, CPA, or financialadvisor, but it does help
organize the real estate side ofthe conversation.
And for seniors, uh, and as weknow, you know, people at that
at that age bracket, they theydon't want to be a burden.
You know, they they doeverything they possibly can for
(04:41):
themselves to the point of umself-sacrifice because they
don't realize that this canactually be a gift for their
children.
So it really says, you know, Icared enough to write things
down so you don't have to guessanymore, and it takes that away
from the equation.
(05:48):
Oh, okay.
Oh that was so weird.
You were talking.
Sorry, you were talking and itjust completely did you think,
Kelly?
SPEAKER_00 (05:55):
We're gonna cut that piece out, we're gonna make a
lot of noise to I can see whereto cut it.
SPEAKER_02 (06:01):
You were on mute.
Your screenshot muted.
SPEAKER_00 (06:05):
That is exactly it.
This is not about taking controlaway from anybody, it's about
making sure that your family'snot left digging through the old
files, the drawers, the thelinen cupboards with all those
stacks in and files.
I've been through thispersonally and it's really,
really hard.
I went through early.
I was raised by my grandparents,and going through all that in my
(06:27):
twenties, it was so difficult.
I don't think it gets any easierin your 40s or your 50s or 60s
or 70s either, would be my myguess.
And Kelly, you work withfamilies in some um, you know,
emotional situations as well,going through trauma or somebody
passing or getting divorced, orgosh, half the time just moving
out of a house.
(06:47):
So what do you see when there'sno plan in place?
SPEAKER_02 (06:51):
Uh chaos, confusion.
So I want to echo.
So when Deanna's talking aboutprinting out this list or
downloading this packet, oh thebiggest thing I find is I'm I'm
gonna go into myself personally.
You stress out when you don'thave the facts.
And these situations likeDeanna's talking about, they can
(07:13):
happen they can happenimmediately.
Your parent or somebody may getput in a hospital and then they
may need to go into an assistedliving after the fact.
But nobody thinks about allthese things together.
I mean, here's I personally hadfriends that are like their
parents pass away or they haveto go out and they have to deal
with the home.
Where's the deed?
(07:35):
What kind of mortgage do wehave?
I've had a couple that have hadreverse mortgages, had no clue,
and they've had to let the housego.
There's so many things involved,and if you go through this
checklist, it'll help youunderstand if they're current on
taxes, who the insurance companyis, do you live in an HOA, an
area that has an HOA?
Um, what about repairs and stufflike that?
(07:56):
But there's it's just theconfusion and chaos that if you
go through this list and use it,you will be set up for when that
event happens.
We we don't want to say we knowit's gonna happen.
Yeah, it will, but you want tobe prepared for when it actually
does happen.
So whoever's in charge of thefamily or in charge of the
(08:17):
information from mom, dad,whoever the case may be, you
want to have this list takencare of and answered long before
the event actually happens.
SPEAKER_00 (08:28):
Yeah, and we need to remember too that often we're
dealing with estates.
So, you know, if if you've gotmore than one child or somebody
taking care of the estate, or ifyou've appointed somebody, then
you know, you've got especiallyif you've got kids kids
involved, it's also so funnysaying that when what do you
call them older adults?
Deanna.
Children with aging parents.
(08:50):
Children with aging parents,yeah.
So often you've got um onesibling wants to sell it, some
may want to keep it, someone maywant to rent it out.
Most often you get one wantingto move into it, and then trying
to figure out the financing, howto buy the others out, which can
be a very long road.
And oh my gosh, if you don'thave a trust setup or something
(09:12):
to transfer the property easily,but I want to say you're
probably feeling kind ofoverwhelmed just listening to us
talking about this today.
We do have a template and youdon't have to do it all at once,
is a thing.
Just make a start.
You know, do the stuff that youcan do.
So um, you know, home legacyfolder creates a roadmap for
you.
Even if you fill in three thingson it today and then go back to
(09:35):
it later, it's all held online,it's all private, it's just for
you.
You make a copy, it's yours,it's all encrypted, you don't
have to worry about that.
And I I I love the idea of aroadmap, you know.
And one thing we always say isthat a home, it should be a gift
to your children.
Now, if you're the kind ofparents who are like to heck
with that, they need to standthere on their own two feet, I
(09:56):
had to work for it.
I very much respect that too.
I grew up with grandparents whosaid, one day all this will be
yours, and every single day Iwould say, no, absolutely not,
don't even go there.
I want you to sell the house,spend all the money and have a
good time.
So if you want to do that, go dothat too.
And we can help you get out ofyour house now, actually, if you
want to do that, and go and havea ball, go and do everything on
(10:19):
your bucket list.
If uh that's not the case, thenlet's get your home folder
together.
And quite frankly, even ifyou're, you know, even if you're
younger, this folder could a lotof this folder's for you as
well, where all the details are.
And you might find it a loteasier going back when you know
all these details are.
So excuse me, let's look at thevery basic information.
(10:42):
And you've all got this propertyaddress, county, parcel ID or
PIN.
We can look those up for you ifyou don't have them.
The year you purchased theproperty, the mortgage company,
the approximate mortgagebalance, whether there's a
second mortgage or HELOC that'soften overlooked, and the kids
are like, oh, this is terrible.
(11:02):
And um, oh, I wonder how muchwe're gonna make on the house.
And then they didn't know aboutthe HELOC that is another
$200,000.
The homeowner's insurancecompany, whether it's an HOA
condo or town home association,and the documents to that,
again, we can help you find anawful mod about that.
Just write down what you doknow.
(11:23):
A little info is better than noinfo, right?
So what do you think, Deanna?
Did I miss anything there?
SPEAKER_01 (11:29):
Yeah, no, that's that's wonderful information.
I would only add that thedocument section is very
important.
Uh, families at this stageduring a transition like this
really need to know where thingsare.
And so, you know, they want tolook for things like um to
include in there like the deedor title, mortgage paperwork,
homeowners insurance policy,like you mentioned, tax records,
(11:51):
HOA documents, you know,anything like that that might be
helpful later on down the road.
Now, you don't have to hand acopy to everyone today, but
someone trusted does need toknow where those documents are
located.
And please, we can't stressenough, keep sensitive documents
in a secure place.
You know, the the point is notto expose private information,
(12:12):
it's to prevent confusion laterand make sure everyone's on the
same page.
SPEAKER_00 (12:18):
What do you think, Kelly?
SPEAKER_02 (12:20):
Oh, I agree with her, especially the legalities
of it.
Um power of attorney, who's incharge.
I I just I literally spoke witha person selling their family
home, and they told me thattheir brother could help take
care of it because she's out ofstate.
But what happens with the houseis up to her and it's nobody
else's business.
(12:40):
So it's like you could havesibling rivalry in there or
something.
It's like some sometimes itdoesn't go well with family
members, so hopefullyeverybody's involved.
But I agree with Deanna, yeah.
You have the legal parts inplace first and foremost to me,
but somebody's gotta know what'sgoing on.
This is if you don't know, thisis gonna be a w you're gonna be
(13:01):
hit with a landslide.
SPEAKER_00 (13:04):
So what about uh repairs and improvements, Kelly?
You you had a whole section thatyou were talking about with with
you know when the roof wasreplaced and all all that good
stuff.
I mean, you've done a lot ofremodeling, a lot of
construction work in in yourtime before and during being a
realtor.
So what kind of things are welooking at there?
SPEAKER_02 (13:25):
Well, any the the person who knows most about the
house is the person living init, mom or dad or whoever the
case may be.
They're the ones that have tounder, they're the ones that are
gonna have to pass thatinformation on as to when the
roof was replaced, if they wereserviced the HVAC later.
Um, anything dealing with Imean, anything, anything big, I
(13:45):
mean the plumbing repairs, waterheater, have they had leaks,
have they had drainage issueswith the sewer systems?
Um, you're gonna be asked byeverybody when the house goes to
sell or when you try to disposeof it, or even if somebody moves
in, uh they've got to know aboutupdates and when any of the
repair work was done, and theonly ones that are gonna know
that are the people living init.
SPEAKER_00 (14:06):
And know that too, we deal with this as agents all
the time, right?
So often when I I would sayprobably a third of our work is
with um siblings who are sellingthe house in estate sales, is
it's a lot of people, obviously.
There's a lot of us gettingolder.
It's the biggest demographic inthis country by far now.
So here's the issue.
Often what happens is there's athere's a thing called a
(14:29):
property disclosure in everysingle state that's attached to
the MLS.
And it goes out to you as thehomeowner and you check when the
roof was replaced, um, when howold the HVAC is, whether it's
the new type of HVAC, becauseyou can't use, you know, repair
the old type of HVAC now.
Um, you know, when if there'sany plumbing issues, any
electrical issues, all that goodstuff.
(14:51):
When the last time the kitchenor bath updates were done,
that's on a property disclosure.
So normally, and you you do tellme if this has been your
experience, the siblings checkNA, or you know, they're not
going to disclose anything.
Because you can do that inalmost every state.
You can choose not to disclose.
Why is that not a good idea, doyou think, guys?
I don't think it's a good ideaat all.
(15:12):
Do you agree with that?
And why not?
Can I touch on that?
SPEAKER_02 (15:16):
Please do, yeah.
Yeah, you have this this thechildren or the successors, it
could come back to be a legalbattle for so what they can say
they don't know.
But at the same time, theyshould have an understanding
from their parents or whoeverowns the house of what happened
to it.
Because it could come back.
(15:37):
And unless the parents are havepassed on, or whoever owned the
house has passed on and they canliterally claim they don't know
anything about it, then maybethey can mark NA, but if that
person is still living, it couldstill come back to affect the
parents.
You really want that to happen,or whoever owned the house.
Because it's it doesn't just youcan't just say, hey, it's I
(15:59):
didn't know about it, so it'snot my fault.
But it's like it is.
There's there's disclosures thathave to take place with the
transaction, and the you mightas well know about it.
It's gonna just benefit you inthe end, and it's gonna protect
you first and foremost.
SPEAKER_00 (16:14):
And may I add?
Yeah, but it's when you'rehelping buyers, what do they
think when they see a disclosurethat has NA all over it?
I'm sure our brains went to thesame place on that.
SPEAKER_01 (16:24):
Yeah, yeah, for sure.
They're apprehensive.
It's it's scary, they're veryunsure.
Um, there's caution that takesplace at that point.
And another thing to remembertoo is, you know, neighbors
talk, right?
So, you know, as a buyer'sagent, you go and you visit a
home, oftentimes you'll have aneighbor that will come around.
They see somebody's new,interested in the home.
(16:46):
They've seen the comings andgoings of people helping their
loved ones, especially ifthey've been elderly.
So if they have um knowledge ofsomething that's been going on
that maybe a family member'sbeen coming over to try to help
with, they're gonna disclosethat to the new homeowner before
or after they move in.
So, yes, Kelly's right.
You have to check all yourboxes, cross all your T's
(17:07):
because that could come back toyou for sure.
SPEAKER_00 (17:09):
It's just how it's the same as how we list houses
certified pre-owned.
You know, we have homeowners dothe inspection up front because
everybody goes in eyes wideopen.
Everybody knows what's going on.
So, you know, having thatdisclosure up front and central
is really important.
Yes, you can put NA, but I'd sayto you, if you have a home
listing out there right now,really think twice about that.
(17:32):
Put down everything that you canto disclose it because it's
better to disclose because thebuyers feel like you're being
truthful.
Everybody feels like it's on alevel playing field and you have
more trust.
And let's face it, there's not alot of trust sometimes in real
estate deals.
Like it's like one side tryingto make money on the other side
and you know, that kind ofthing.
So it's really, really importantwhat whatever stage you're at,
(17:54):
whether you're making your homelegacy folder or you are in a a
regular real estate deal.
I don't know what that isbecause they're they're all
different, right?
So that's a really importantpoint, I think, of disclosing
things.
And we're not saying it's notabout every home has to be
perfect at all.
I was even wondering when I waslooking through our topic today
(18:14):
whether we should talk aboutpeople having homes inspected.
I might just have my homeinspected.
I'm not selling it because itwill give me time to know what
is going to come up on aninspection.
You know, just what's going onwith my house.
So, you know, you don't want thefamily left guessing, and you
definitely don't want the familyputting that non-disclosure on
there because we don't knowwhat's going on.
(18:35):
And maybe there's an issue withthe gutters that's causing some
moisture.
Your house, your your ha yourfamily's grieving.
It might take them a year toeven put the house on the
market.
And I've seen that very, verycommonly.
So other things are gonna, youknow, the grass keeps growing,
the insurance is still there,the the water the the weeds
still growing in the gutters.
So that could cause problemswith the house down the road.
(18:57):
So I think that's that'simportant.
And the folder, obviously, allthe utilities, the electric
electric company, the gascompany, the water provider, the
sewer sewer and septicinformation.
Um let's make we just did a blogpost on those uh old old form
pipes.
Uh go and have a look at thatone if if you want to be scared
(19:17):
about your sewer lines.
Always do a sewer scope.
Trash service, internetprovider.
Yeah, we're all grinning becausewe've had one come up recently
on that.
And it's not funny, is it?
It's like it's it's things thatare worth worth doing.
Who's the lawn care?
You can even go as far as what'sthe main paint colour in your
house, you know, so you can doall those little touch-ups
(19:38):
because you might not rememberlater on.
Um, I mean, I'm not in memorycare and I have problems
remembering things, especiallyif I've thrown the paint away at
this point.
You know, it's a good thing tohave in there.
So um, you know, Deanna, thenthere's all the things about the
people.
You've dealt with this for somany years when you were
managing the senior living.
(19:58):
So, you know, tell us a bit moreabout that.
SPEAKER_01 (20:02):
Yeah, the people section is very important, and
there are a lot of people toconnect with and reach out to.
And really it comes down to, youknow, who should the family
call?
So some recommendations would belike a real estate attorney, um,
a CPA or financial advisor, areal estate professional, of
course, to help with these typesof things.
(20:24):
Just a few.
Absolutely.
Um, roofer and, you know, again,going back to the neighbors,
helpful neighbors becausethey're going to be able to have
a lot of contacts as well.
But ultimately, when familiesare under pressure in these
types of situations, first ofall, they they don't know where
to start and they definitelydon't want to start from
(20:45):
scratch.
So having the right names andphone numbers can reduce a lot
of stress.
And for a lot of seniorhomeowners themselves, this can
be really reassuring andbasically says to their loved
ones, hey, I've I've not left myfamily alone with this.
SPEAKER_00 (21:01):
Ugh.
And I'm sure you both also dealwith this when you're talking to
senior homeowners who arethinking about going into senior
living or just downsizing fromtheir four, four-bedroom,
five-bedroom house that they'verealized the kids aren't coming
back from different places.
So now is a time to maybe moveinto independent living and
start renting.
But pull your money out now inmost parts of the country.
(21:24):
We've hit that peak and it'sgoing to be another 10 years.
And I mean, anywhere past 55, Iwould say.
I I might put Carrie and I inthat situation.
We don't want to wait for 10years to pull our money out of
the house, you know, which iswhat this cycle could take.
It was 14 years last timearound, before you get the
height of your money out.
So now might be the time to moveinto independent living, maybe,
(21:46):
and pull your money out and getout there.
So, you know, you start settlingand in a good way and settle
back down again.
Is so that is so important.
So let's do let's go to Kelly,the big man in the room, who's
going to talk about access.
SPEAKER_02 (22:05):
All right.
So one other thing you can do uhthrough this is to make sure you
understand who has keys, whereare the spare keys located in
the house, uh, are there garage?
codes alarm companies.
I actually had a a buyer.
I helped them with a house a fewyears ago and what a pain it was
(22:27):
to get the alarm companyswitched over.
It's like you don't have accessto the code and we had to go
back to the previous seller.
Those things, those are thingsyou're never gonna think about
unless you put some preparationinto it.
And they do they have a is therea gate code, is there a mailbox
key?
Mom and dad have a safe in thehouse with all that money you're
supposed to be getting as aninheritance.
What about the white byte?
(22:48):
The thing is is Ro, I'm gonnatouch back to the maintenance
and stuff you were talkingabout, the utilities and
electrical and water.
And if somebody doesn't take aif somebody doesn't know where
that information is, does thegas get shut off in the winter?
Do the water pipes burst?
What happens and the city comesin and starts posting notices
because the lawn has them inmode and now it's full of weeds
and stuff like that.
(23:09):
There's this will help preparepeople in so many ways to be
able to take care of the houseand knowing what's coming.
And that's what we're trying tohelp them with is here's what's
going to happen.
We've seen it time and timeagain, especially with Deanna's
experience.
She's seen it over and over andthat's why it's easier for us to
put this list together and thispackage together to help these
families that are going to gothrough this transition someday
(23:31):
one way or another.
SPEAKER_00 (23:34):
Gosh I realize you know the more we talk about this
I'm realizing we we need it'sfunny because I owned House
Facts for the longest time wherewe'd put together a folder that
had all the details in it.
This isn't just if it a legacyfolder this is a now folder.
We need to create this forpeople who have houses now and
you just you fill in a littlebit at a time you know do five
(23:55):
minutes a week untileverything's there.
How helpful would that be?
Like a house folder with all thedetails in it you know
especially if it's electronicbecause the printed ones get
lost.
Alright let's move to the mostemotional part of this folder
your wishes and this isn't aboutreplacing a will obviously you
know it's really great if youhave a will in place not about
(24:17):
replacing a trust and it'sdefinitely not legal advice
that's our big disclaimer there.
So you know if you can't live inthe home anymore what do you
prefer?
Do you want it sold?
Because quite frankly you youmay not have the memory to be
able to um you know to be ableto make that decision at that
point.
As sad as it is to say we'redealing with a lot of
(24:39):
Alzheimer's in this country youknow a lot of memory care issues
that's why all these memory carecommunities are springing up all
over the place so you knowthinking about what you'd want
now now might you change yourmind?
Absolutely but this is yourdocument it's only for you right
so you can change it.
So do you want the family tocompare options before deciding
you know what does that looklike um you what do you want for
(25:03):
your family?
Do you do you want them to fixall these little last things?
Do you want them to squeezeevery dollar out of it?
And we I don't want to be salesyhere, but we do have a great
program that is CashCPO.com thatgets your money out um and then
we fix it and then you benefitfrom the upside.
You know most sellers make 90 to120% and that takes all of the
(25:27):
um takes most of the stress awaybecause you don't have to think
about it.
It's a program that we use whenpeople are going into senior
living as well.
Gosh Deanna you've used it somany times right now really
eases that transition.
So you know do you do you needthe home to pay for care?
A lot of people find they needto sell it's it's about 80% of
(25:50):
people need to sell the home togo into senior living and they
don't think about going intosenior living so they're not
thinking oh I'm gonna break myhip in in five years' time and
then suddenly have to sell myhouse and suddenly go into
senior living and no planning isdone.
So you know um do you preferprivacy and and less stress or
do you need to squeeze out everydollar?
(26:10):
What does it look like?
Here's a big one guys so I knewsomebody once that put stickers
on the bottom of furniture inthe parents' house while the
parents are still living in facthere's the truth the parents are
still living and it's alwaysbeen a sort of funny joke.
But don't argue over thefurniture is the shocking truth
just to you know be DebbieDowner again roe down for for a
(26:32):
moment most kids don't want yourfurniture it came over from
Germany in 1926 or grandma'sbedroom set the majority of
families don't want yourfurniture but if you do talk it
over now you know and figure outwho's getting what and if they
don't want it that's okaythey've got their own lives
where we're I mean obviously ina you know very different era
(26:55):
now and that they they just seemlike simple things but they
matter so much.
I've been through losing mygrandparents and it was awful
and I've seen lots of otherfamilies go through it as well.
Whole fight going on who'sgetting what who's this going to
and it can literally tearfamilies apart.
Have you guys ever yeah Kelly'sKelly's grinning like you've
(27:16):
seen this or with people yeahit's awful everything I have my
parents furniture that my sistertagged oh what's your sister's
name let's give her a shout outlet's call her uh her name's
Jenna but yeah she had her shehad her label on some furniture
(27:36):
some side tables and coffeetables it's like well they're in
my house so sorry Jenna we'regonna take it out on Kelly for
you there you go I hope you'rehaving a lovely life and I'm
sorry you don't have thatfurniture and we're gonna send
the men around to get it for youthere you go.
So but people are fightingbecause they didn't know what
you wanted.
So so get everybody in agreementwell they won't be in agreement
(27:56):
but it's up to you it's yoursright stop enabling your kids
just put it down and he'sgetting war.
So what do you think Deanna?
SPEAKER_01 (28:03):
Yeah that is so true.
I mean obviously you know thethe situation might be vital
right um they might have to movebecause they need care quickly
because there's been an incidentin the home maybe they took a
fall or or something like that.
But but uh the point is the homeis still sitting there and the
family may need to takeadvantage of the equity that's
(28:23):
in that home so that they canpay for their loved ones care.
They may need time to sortthrough belongings uh but they
also may not want to go throughthe typical what we call the
traditional home sellingprocess.
We even kind of joke that it'sgrandma's listing, right?
Grandma's way of listing it'sthe way it's always been done.
You know, they don't want to gothrough showings signs, putting
(28:45):
you know, managing repairs orhaving a lot of strangers walk
through the home if there it youknow are still belongings that
they haven't gone through ortended to yet.
So this is why it's so importantthat you you have options.
These families know that theyhave options and there's not
only one way to sell them.
So you know again going throughthat there's there may be a
(29:07):
traditional listing um there'san option with what we call a
certified pre-owned uh stylesale that that provide the
inspections and possibly anappraisal and a home warranty up
front uh there's also a fullmarket value cash offer that's
available and a couple of otherchoices that might be available
to the family depending on theirtimeline.
SPEAKER_02 (29:29):
The whole point is they need options not pressure
that's what we provide and wehave more that you can uh see on
that program at cashdpo.com andKelly what kind of questions do
you think that uh people shouldask before they make a decision
what what are the best questionsyou'd suggest well I'm I'm
(29:50):
betting within all the peoplethat are involved with it
they're gonna wonder what theworth it how much the house is
worth they're gonna look and seewhat it would sell as is and I'm
gonna I'm gonna throw on theretoo that again catching back on
making sure you know what ifthere's a mortgage or a lien
against the house because theymay think it mom and dad own
(30:11):
have owned this for 40 years andno mom and dad took out a
reverse mortgage 10 years ago.
So knowing what it's worth whatit'll actually sell for but then
understanding what kind ofrepairs are going to need to be
be made because there's going tobe repairs.
If mom and dad have been therefor a long time there's going to
be things that will add value toit and then determining what's
what's the best value for themoney.
SPEAKER_00 (30:30):
Yeah.
SPEAKER_02 (30:31):
How long it's gonna you know if there's a mortgage
or reverse mortgage or anythinghow much how much is that going
to cost us to put out of ourpockets and I've ran into this a
few times honestly it's like I'mputting money out of my pocket
for mom while she's in her carefacility.
We had to move her but it'scoming out of my pocket I need
to sell the house.
And then how much is it going tonet that's like one of the
(30:52):
biggest things is like everybodyasks how much is it going to be
how much is it going to be andthat's an important factor
because they need to know howfar they can you know how much
how long that's gonna last forkeeping them in a care facility
and then the speed and thetiming and the privacy how many
people are involved in in thetrust or the will or their heirs
(31:13):
to it um do they they do theyall agree oh no they they're not
gonna agree unless it's a reallytight family.
Yeah and then who gets to sellit and I'll pass on another one.
What about the probate title ortrust estate issues?
I literally had a friend her momor stepdad passed away four
months ago and her mom passedaway two months ago and what
(31:34):
they thought they had set up shetold me me and my mom's best
friend are holders of the houseor we we're gonna handle
everything for her there wasnothing set up they lost it in
probate it went to the state gotit from pennies on the dollar
and I just found that out in thelast week I was very because I
told him I said I can help youlet me help you I can get you
(31:56):
through this it's oh don't wantto be heartbreaking that's
terrible and you know here's thething don't get overwhelmed with
all this just start with onepage we can give you the
template just get the the maindetails down and spend a little
time at a time Deanna oh yeahyou know I if you've ever seen
the movie What About Bob withBill Murray, you know it's all
(32:19):
about taking the baby steps.
SPEAKER_01 (32:20):
And if you've seen that you know the funny part of
the movie is baby steps to theelevator baby steps to the
sidewalk.
Literally take it one step at atime like Ro just mentioned.
And if you are an adult childlistening to this please be
gentle with this conversation ifyou can um you know it's a
different generation that you'respeaking to than what we have
today and you definitely don'twant to bring up a conversation
(32:43):
with mom or dad and say you knowwe need sorry it's just I have
to say it, but we need to talkabout what happens when you die
because that's probably notgoing to be a conversation
that's gonna go well.
So instant what's that?
I would say yeah yeah and I meanhow do you feel when you hear
that it's like oh instantresistance I don't want to talk
(33:04):
about it right so something thatyou might be able to say is hey
mom, dad, I, you know I heardabout something today creating a
home legacy folder.
You know, is that somethingyou've heard of or would it be
okay if I helped you organizeyour you know your information
for the home just so we knowwhere things are if you ever
need us to help with anything.
(33:25):
Come at it from a place of ofbeing helpful.
Uh it'll have a differentfeeling and it'll show them that
you're coming from a a place ofempathy a different perspective
than someone coming in justwanting to take control and take
over things for them.
They don't want that.
SPEAKER_00 (33:41):
I love that oh my gosh Kelly any final words our
time goes so quickly on theradio show and we have to wrap
it up because we'll be off theair yeah um so tying into that
and going back to your uh youmentioned hey mom, dad, you know
sell your house, use the money,go do things you want to do.
SPEAKER_02 (34:03):
So there's there's two lines of thinking so the the
children are going we may notneed the money or what you're
offering to us.
We want you to have it enjoy it.
And the parents on the otherside are thinking I want to
leave this to them.
So it's it's nothing to be tofeel guilty about on the senior
side or the homeowner side it'sjust prepping to help your kids.
(34:26):
You want to help them I've seenit multiple times it's like the
parents want to help the kidsthe kids are saying just go have
fun.
Just go do what you can but justhaving some things in the same
place located in one file isit's not that hard to do.
So just start small grab out thethings you know right away are
(34:46):
and then add to it over time.
And whoever's in charge of thisif it's one person, two person
in my case it's it's me and mysister.
And we will get together and mymom has thought about this so
just put it together and add itas you go so that when the c
time comes up you have to referto it and use it.
The actuality is you will haveit right there and it will be so
(35:10):
much smoother.
SPEAKER_01 (35:11):
May I add one thing to that Kelly um that's such
great information and guidancefor families going through these
transitions.
I, you know, during my time insenior living I helped over 640
families with that transitionalprocess.
And I can tell you and I startedas a CNA in in that environment
(35:32):
so went through different sidesof what that looks like right
what's most important at the endof the day has nothing to do
with the furniture or a lot ofthese things.
It's who's with you in the roomwhen that graduation happens,
right?
So if if you can come from aplace of empathy, whether you're
(35:52):
the adult child caring for yourloved one, knowing that these
things are probably going tohappen, or you are the this the
individual yourself, the seniorlooking at making the
transition, you can worktogether and there are ways that
we can help you do that withwith the home legacy folder.
So just remember that it's allabout love and start there.
SPEAKER_02 (36:13):
That's really good Deanna.
SPEAKER_00 (36:14):
I I never know how to follow Deanna like she just
hits me right in the heart everytime I love that.
So this is all about startingsmall don't get overwhelmed with
it.
That was the best advice fromDeanna ever.
I should just let her do thewhole show next time.
You know this is about your youknow they say it's about your
home should remain a gift notnot become a burden I don't know
(36:36):
whose quote that was but at thesame time I say sell your home
rent something now if you'reolder and off you go.
Even if it's independent livingbut go around the world do
anything you can still do getyour back bucket list done
because every year it doesn'tget easier.
Go spend your money and have agood time.
Just saying but this is youstill need it's not just about
(36:59):
the house it's not just aboutthe money out of the house it's
about all of the details becauseat there is another I mean I
grew up with two sets ofAlzheimer's in my it both with
my grandmother and my mother andyou don't know when you're
starting to forget things.
You know in the beginning infact mo most of us go, oh we're
(37:19):
forgetting things is ithappening already right who
hasn't experienced that put yourhand up at home right now.
Like we've all experienced that.
So it sort of gradually getsworse was my experience in my
family.
And you don't really know whatwhen you go over that ledge
where you can't write thingsdown anymore or you can't find
where it was at or even rememberthat you're supposed to.
So getting this into placeoutside of the house you know
(37:41):
even if you spend all the moneyout of your house is really
important for your family who orwhomever's going to pick up the
big old mess that we make inlife right so and of course we
can help you with the legacyfolder.
I mentioned we have a templatefor you it's all free we're not
selling for you selling to youor anything else else like that.
It's the home legacy folder giveus a call it's a download we'll
(38:04):
send it out to you.
Give us a call 247 at 8283 4483that's our reception desk
they'll take a message or putyou through to us if it's if
it's the uh normal times of theday but 247 literally you can
call there's always some of theold call and we'll help you
start organizing.
So when that day comes and Ihope it's the day when you're
(38:27):
doing your bucket list and andrunning around then we can help
you.
Again the numbers 828 333483your home matters your family
matters your plan matters go seeall the episodes at realestate
newsradio dot com and this isRowena Deanna and Kelly and
(38:49):
we'll see you on the radio nextweek
Hey, it's Romina Patten on the Real Estate News
Radio Show, and today we're herewith Deanna and Kelly, and we're
gonna talk about somethingthat's not always easy to bring
up, but it's just a really,really important topic.
The show is called the HomeLegacy Folder, so you know where
(00:48):
we're going with that.
You're listening to the RealEstate News Radio.
You can hear all the previousepisodes over the last 14 years
of realestatenewsradio.com.
So what if something happens toyour home?
What if something happens toyou?
And I know that sounds reallyheavy, but many of us have
already dealt with this in ourfamilies.
(01:10):
And I know it it's not meant tobe a scary conversation at all.
It's actually a very lovingconversation where you're taking
part of your taking care of yourfamily.
It's a family conversation, it'sa practical conversation.
So if it's going to upset youtoday, don't listen.
Trigger alert.
But it's something so important,you know, for so many
(01:33):
homeowners, especially seniorhomeowners, or for those of you
who are in your 50s and 60s and70s and dealing with elderly
parents.
In fact, I've got I know afriend who's in her 70s, whose
mother, I just saw it onFacebook.
Her mom just turned 102.
Wow.
So, and she's in her late 70s,she may even be in her 80s.
(01:54):
I'm not gonna name her becausethat wouldn't be fair.
You never tell her late age,right?
So, you know, for for many ofyou, it's it's not just the
house, it's where your kids grewup, it's where the holidays
happen, it's where you makefriends with the neighbors, it's
where you maybe grew up aroundpeople you went to school with,
it's where decades of memorieslive.
(02:15):
Of course, remember we have amemories video for that as well.
So today, me, Deanna, Kelly,we're talking about something
called the home legacy folderand how to pull it together.
It's a simple folder, printed ordigital.
Um, it just helps everybodyunderstand your home, your
wishes, who to call, and how togo about it.
We do actually have a templatefor you.
(02:36):
It's all free.
We'll tell you where to get holdof that.
So I want to start with Deannatoday because she spent so much
time working with senior lifeduring those major life families
for we managed a senior, a bigsenior living community for 14
years.
Deanna.
SPEAKER_01 (02:56):
Well, thank you, Ro.
You know, I'm I'm glad that youbrought this up because it's
such an important topic.
Um, you know, in my experiencein senior living, I've seen how
quickly things can become veryoverwhelming for families.
And, you know, there's a there'sa lot of moving pieces to that
transition.
And when uh a senior is movinginto a senior living community
(03:16):
or when health changes happen,the home often becomes one of
the biggest decisions.
You know, the family is reallyasking a couple of quick key
questions, excuse me.
You know, uh, what do we do withit?
First of all, how can we makethis work for our loved one?
Um, what's the home worth?
Is there still a mortgage?
Uh do they need some equity tohelp pay for the care?
(03:39):
And and that's often the casebecause, you know, as
homeowners, that's typicallysomeone's most important and
valuable asset that they work sohard to get throughout their
life.
So uh, you know, another keything to remember is is all of
these decisions and choices andpaths that they're going
through, uh, they're happeningwhile the family is going
(03:59):
through a really emotionalstate.
They're tired, they're trying tomake decisions quickly.
Often the what I call the olderadults, the children with aging
parents, they're they've gottheir own families to care for
and their own jobs to tend to.
And so this is why a home legacyfolder is so powerful.
It gives them a place to start.
(04:20):
Um, you know, we should say itdefinitely doesn't replace an
attorney, CPA, or financialadvisor, but it does help
organize the real estate side ofthe conversation.
And for seniors, uh, and as weknow, you know, people at that
at that age bracket, they theydon't want to be a burden.
You know, they they doeverything they possibly can for
(04:41):
themselves to the point of umself-sacrifice because they
don't realize that this canactually be a gift for their
children.
So it really says, you know, Icared enough to write things
down so you don't have to guessanymore, and it takes that away
from the equation.
(05:48):
Oh, okay.
Oh that was so weird.
You were talking.
Sorry, you were talking and itjust completely did you think,
Kelly?
SPEAKER_00 (05:55):
We're gonna cut that piece out, we're gonna make a
lot of noise to I can see whereto cut it.
SPEAKER_02 (06:01):
You were on mute.
Your screenshot muted.
SPEAKER_00 (06:05):
That is exactly it.
This is not about taking controlaway from anybody, it's about
making sure that your family'snot left digging through the old
files, the drawers, the thelinen cupboards with all those
stacks in and files.
I've been through thispersonally and it's really,
really hard.
I went through early.
I was raised by my grandparents,and going through all that in my
(06:27):
twenties, it was so difficult.
I don't think it gets any easierin your 40s or your 50s or 60s
or 70s either, would be my myguess.
And Kelly, you work withfamilies in some um, you know,
emotional situations as well,going through trauma or somebody
passing or getting divorced, orgosh, half the time just moving
out of a house.
(06:47):
So what do you see when there'sno plan in place?
SPEAKER_02 (06:51):
Uh chaos, confusion.
So I want to echo.
So when Deanna's talking aboutprinting out this list or
downloading this packet, oh thebiggest thing I find is I'm I'm
gonna go into myself personally.
You stress out when you don'thave the facts.
And these situations likeDeanna's talking about, they can
(07:13):
happen they can happenimmediately.
Your parent or somebody may getput in a hospital and then they
may need to go into an assistedliving after the fact.
But nobody thinks about allthese things together.
I mean, here's I personally hadfriends that are like their
parents pass away or they haveto go out and they have to deal
with the home.
Where's the deed?
(07:35):
What kind of mortgage do wehave?
I've had a couple that have hadreverse mortgages, had no clue,
and they've had to let the housego.
There's so many things involved,and if you go through this
checklist, it'll help youunderstand if they're current on
taxes, who the insurance companyis, do you live in an HOA, an
area that has an HOA?
Um, what about repairs and stufflike that?
(07:56):
But there's it's just theconfusion and chaos that if you
go through this list and use it,you will be set up for when that
event happens.
We we don't want to say we knowit's gonna happen.
Yeah, it will, but you want tobe prepared for when it actually
does happen.
So whoever's in charge of thefamily or in charge of the
(08:17):
information from mom, dad,whoever the case may be, you
want to have this list takencare of and answered long before
the event actually happens.
SPEAKER_00 (08:28):
Yeah, and we need to remember too that often we're
dealing with estates.
So, you know, if if you've gotmore than one child or somebody
taking care of the estate, or ifyou've appointed somebody, then
you know, you've got especiallyif you've got kids kids
involved, it's also so funnysaying that when what do you
call them older adults?
Deanna.
Children with aging parents.
(08:50):
Children with aging parents,yeah.
So often you've got um onesibling wants to sell it, some
may want to keep it, someone maywant to rent it out.
Most often you get one wantingto move into it, and then trying
to figure out the financing, howto buy the others out, which can
be a very long road.
And oh my gosh, if you don'thave a trust setup or something
(09:12):
to transfer the property easily,but I want to say you're
probably feeling kind ofoverwhelmed just listening to us
talking about this today.
We do have a template and youdon't have to do it all at once,
is a thing.
Just make a start.
You know, do the stuff that youcan do.
So um, you know, home legacyfolder creates a roadmap for
you.
Even if you fill in three thingson it today and then go back to
(09:35):
it later, it's all held online,it's all private, it's just for
you.
You make a copy, it's yours,it's all encrypted, you don't
have to worry about that.
And I I I love the idea of aroadmap, you know.
And one thing we always say isthat a home, it should be a gift
to your children.
Now, if you're the kind ofparents who are like to heck
with that, they need to standthere on their own two feet, I
(09:56):
had to work for it.
I very much respect that too.
I grew up with grandparents whosaid, one day all this will be
yours, and every single day Iwould say, no, absolutely not,
don't even go there.
I want you to sell the house,spend all the money and have a
good time.
So if you want to do that, go dothat too.
And we can help you get out ofyour house now, actually, if you
want to do that, and go and havea ball, go and do everything on
(10:19):
your bucket list.
If uh that's not the case, thenlet's get your home folder
together.
And quite frankly, even ifyou're, you know, even if you're
younger, this folder could a lotof this folder's for you as
well, where all the details are.
And you might find it a loteasier going back when you know
all these details are.
So excuse me, let's look at thevery basic information.
(10:42):
And you've all got this propertyaddress, county, parcel ID or
PIN.
We can look those up for you ifyou don't have them.
The year you purchased theproperty, the mortgage company,
the approximate mortgagebalance, whether there's a
second mortgage or HELOC that'soften overlooked, and the kids
are like, oh, this is terrible.
(11:02):
And um, oh, I wonder how muchwe're gonna make on the house.
And then they didn't know aboutthe HELOC that is another
$200,000.
The homeowner's insurancecompany, whether it's an HOA
condo or town home association,and the documents to that,
again, we can help you find anawful mod about that.
Just write down what you doknow.
(11:23):
A little info is better than noinfo, right?
So what do you think, Deanna?
Did I miss anything there?
SPEAKER_01 (11:29):
Yeah, no, that's that's wonderful information.
I would only add that thedocument section is very
important.
Uh, families at this stageduring a transition like this
really need to know where thingsare.
And so, you know, they want tolook for things like um to
include in there like the deedor title, mortgage paperwork,
homeowners insurance policy,like you mentioned, tax records,
(11:51):
HOA documents, you know,anything like that that might be
helpful later on down the road.
Now, you don't have to hand acopy to everyone today, but
someone trusted does need toknow where those documents are
located.
And please, we can't stressenough, keep sensitive documents
in a secure place.
You know, the the point is notto expose private information,
(12:12):
it's to prevent confusion laterand make sure everyone's on the
same page.
SPEAKER_00 (12:18):
What do you think, Kelly?
SPEAKER_02 (12:20):
Oh, I agree with her, especially the legalities
of it.
Um power of attorney, who's incharge.
I I just I literally spoke witha person selling their family
home, and they told me thattheir brother could help take
care of it because she's out ofstate.
But what happens with the houseis up to her and it's nobody
else's business.
(12:40):
So it's like you could havesibling rivalry in there or
something.
It's like some sometimes itdoesn't go well with family
members, so hopefullyeverybody's involved.
But I agree with Deanna, yeah.
You have the legal parts inplace first and foremost to me,
but somebody's gotta know what'sgoing on.
This is if you don't know, thisis gonna be a w you're gonna be
(13:01):
hit with a landslide.
SPEAKER_00 (13:04):
So what about uh repairs and improvements, Kelly?
You you had a whole section thatyou were talking about with with
you know when the roof wasreplaced and all all that good
stuff.
I mean, you've done a lot ofremodeling, a lot of
construction work in in yourtime before and during being a
realtor.
So what kind of things are welooking at there?
SPEAKER_02 (13:25):
Well, any the the person who knows most about the
house is the person living init, mom or dad or whoever the
case may be.
They're the ones that have tounder, they're the ones that are
gonna have to pass thatinformation on as to when the
roof was replaced, if they wereserviced the HVAC later.
Um, anything dealing with Imean, anything, anything big, I
(13:45):
mean the plumbing repairs, waterheater, have they had leaks,
have they had drainage issueswith the sewer systems?
Um, you're gonna be asked byeverybody when the house goes to
sell or when you try to disposeof it, or even if somebody moves
in, uh they've got to know aboutupdates and when any of the
repair work was done, and theonly ones that are gonna know
that are the people living init.
SPEAKER_00 (14:06):
And know that too, we deal with this as agents all
the time, right?
So often when I I would sayprobably a third of our work is
with um siblings who are sellingthe house in estate sales, is
it's a lot of people, obviously.
There's a lot of us gettingolder.
It's the biggest demographic inthis country by far now.
So here's the issue.
Often what happens is there's athere's a thing called a
(14:29):
property disclosure in everysingle state that's attached to
the MLS.
And it goes out to you as thehomeowner and you check when the
roof was replaced, um, when howold the HVAC is, whether it's
the new type of HVAC, becauseyou can't use, you know, repair
the old type of HVAC now.
Um, you know, when if there'sany plumbing issues, any
electrical issues, all that goodstuff.
(14:51):
When the last time the kitchenor bath updates were done,
that's on a property disclosure.
So normally, and you you do tellme if this has been your
experience, the siblings checkNA, or you know, they're not
going to disclose anything.
Because you can do that inalmost every state.
You can choose not to disclose.
Why is that not a good idea, doyou think, guys?
I don't think it's a good ideaat all.
(15:12):
Do you agree with that?
And why not?
Can I touch on that?
SPEAKER_02 (15:16):
Please do, yeah.
Yeah, you have this this thechildren or the successors, it
could come back to be a legalbattle for so what they can say
they don't know.
But at the same time, theyshould have an understanding
from their parents or whoeverowns the house of what happened
to it.
Because it could come back.
(15:37):
And unless the parents are havepassed on, or whoever owned the
house has passed on and they canliterally claim they don't know
anything about it, then maybethey can mark NA, but if that
person is still living, it couldstill come back to affect the
parents.
You really want that to happen,or whoever owned the house.
Because it's it doesn't just youcan't just say, hey, it's I
(15:59):
didn't know about it, so it'snot my fault.
But it's like it is.
There's there's disclosures thathave to take place with the
transaction, and the you mightas well know about it.
It's gonna just benefit you inthe end, and it's gonna protect
you first and foremost.
SPEAKER_00 (16:14):
And may I add?
Yeah, but it's when you'rehelping buyers, what do they
think when they see a disclosurethat has NA all over it?
I'm sure our brains went to thesame place on that.
SPEAKER_01 (16:24):
Yeah, yeah, for sure.
They're apprehensive.
It's it's scary, they're veryunsure.
Um, there's caution that takesplace at that point.
And another thing to remembertoo is, you know, neighbors
talk, right?
So, you know, as a buyer'sagent, you go and you visit a
home, oftentimes you'll have aneighbor that will come around.
They see somebody's new,interested in the home.
(16:46):
They've seen the comings andgoings of people helping their
loved ones, especially ifthey've been elderly.
So if they have um knowledge ofsomething that's been going on
that maybe a family member'sbeen coming over to try to help
with, they're gonna disclosethat to the new homeowner before
or after they move in.
So, yes, Kelly's right.
You have to check all yourboxes, cross all your T's
(17:07):
because that could come back toyou for sure.
SPEAKER_00 (17:09):
It's just how it's the same as how we list houses
certified pre-owned.
You know, we have homeowners dothe inspection up front because
everybody goes in eyes wideopen.
Everybody knows what's going on.
So, you know, having thatdisclosure up front and central
is really important.
Yes, you can put NA, but I'd sayto you, if you have a home
listing out there right now,really think twice about that.
(17:32):
Put down everything that you canto disclose it because it's
better to disclose because thebuyers feel like you're being
truthful.
Everybody feels like it's on alevel playing field and you have
more trust.
And let's face it, there's not alot of trust sometimes in real
estate deals.
Like it's like one side tryingto make money on the other side
and you know, that kind ofthing.
So it's really, really importantwhat whatever stage you're at,
(17:54):
whether you're making your homelegacy folder or you are in a a
regular real estate deal.
I don't know what that isbecause they're they're all
different, right?
So that's a really importantpoint, I think, of disclosing
things.
And we're not saying it's notabout every home has to be
perfect at all.
I was even wondering when I waslooking through our topic today
(18:14):
whether we should talk aboutpeople having homes inspected.
I might just have my homeinspected.
I'm not selling it because itwill give me time to know what
is going to come up on aninspection.
You know, just what's going onwith my house.
So, you know, you don't want thefamily left guessing, and you
definitely don't want the familyputting that non-disclosure on
there because we don't knowwhat's going on.
(18:35):
And maybe there's an issue withthe gutters that's causing some
moisture.
Your house, your your ha yourfamily's grieving.
It might take them a year toeven put the house on the
market.
And I've seen that very, verycommonly.
So other things are gonna, youknow, the grass keeps growing,
the insurance is still there,the the water the the weeds
still growing in the gutters.
So that could cause problemswith the house down the road.
(18:57):
So I think that's that'simportant.
And the folder, obviously, allthe utilities, the electric
electric company, the gascompany, the water provider, the
sewer sewer and septicinformation.
Um let's make we just did a blogpost on those uh old old form
pipes.
Uh go and have a look at thatone if if you want to be scared
(19:17):
about your sewer lines.
Always do a sewer scope.
Trash service, internetprovider.
Yeah, we're all grinning becausewe've had one come up recently
on that.
And it's not funny, is it?
It's like it's it's things thatare worth worth doing.
Who's the lawn care?
You can even go as far as what'sthe main paint colour in your
house, you know, so you can doall those little touch-ups
(19:38):
because you might not rememberlater on.
Um, I mean, I'm not in memorycare and I have problems
remembering things, especiallyif I've thrown the paint away at
this point.
You know, it's a good thing tohave in there.
So um, you know, Deanna, thenthere's all the things about the
people.
You've dealt with this for somany years when you were
managing the senior living.
(19:58):
So, you know, tell us a bit moreabout that.
SPEAKER_01 (20:02):
Yeah, the people section is very important, and
there are a lot of people toconnect with and reach out to.
And really it comes down to, youknow, who should the family
call?
So some recommendations would belike a real estate attorney, um,
a CPA or financial advisor, areal estate professional, of
course, to help with these typesof things.
(20:24):
Just a few.
Absolutely.
Um, roofer and, you know, again,going back to the neighbors,
helpful neighbors becausethey're going to be able to have
a lot of contacts as well.
But ultimately, when familiesare under pressure in these
types of situations, first ofall, they they don't know where
to start and they definitelydon't want to start from
(20:45):
scratch.
So having the right names andphone numbers can reduce a lot
of stress.
And for a lot of seniorhomeowners themselves, this can
be really reassuring andbasically says to their loved
ones, hey, I've I've not left myfamily alone with this.
SPEAKER_00 (21:01):
Ugh.
And I'm sure you both also dealwith this when you're talking to
senior homeowners who arethinking about going into senior
living or just downsizing fromtheir four, four-bedroom,
five-bedroom house that they'verealized the kids aren't coming
back from different places.
So now is a time to maybe moveinto independent living and
start renting.
But pull your money out now inmost parts of the country.
(21:24):
We've hit that peak and it'sgoing to be another 10 years.
And I mean, anywhere past 55, Iwould say.
I I might put Carrie and I inthat situation.
We don't want to wait for 10years to pull our money out of
the house, you know, which iswhat this cycle could take.
It was 14 years last timearound, before you get the
height of your money out.
So now might be the time to moveinto independent living, maybe,
(21:46):
and pull your money out and getout there.
So, you know, you start settlingand in a good way and settle
back down again.
Is so that is so important.
So let's do let's go to Kelly,the big man in the room, who's
going to talk about access.
SPEAKER_02 (22:05):
All right.
So one other thing you can do uhthrough this is to make sure you
understand who has keys, whereare the spare keys located in
the house, uh, are there garage?
codes alarm companies.
I actually had a a buyer.
I helped them with a house a fewyears ago and what a pain it was
(22:27):
to get the alarm companyswitched over.
It's like you don't have accessto the code and we had to go
back to the previous seller.
Those things, those are thingsyou're never gonna think about
unless you put some preparationinto it.
And they do they have a is therea gate code, is there a mailbox
key?
Mom and dad have a safe in thehouse with all that money you're
supposed to be getting as aninheritance.
What about the white byte?
(22:48):
The thing is is Ro, I'm gonnatouch back to the maintenance
and stuff you were talkingabout, the utilities and
electrical and water.
And if somebody doesn't take aif somebody doesn't know where
that information is, does thegas get shut off in the winter?
Do the water pipes burst?
What happens and the city comesin and starts posting notices
because the lawn has them inmode and now it's full of weeds
and stuff like that.
(23:09):
There's this will help preparepeople in so many ways to be
able to take care of the houseand knowing what's coming.
And that's what we're trying tohelp them with is here's what's
going to happen.
We've seen it time and timeagain, especially with Deanna's
experience.
She's seen it over and over andthat's why it's easier for us to
put this list together and thispackage together to help these
families that are going to gothrough this transition someday
(23:31):
one way or another.
SPEAKER_00 (23:34):
Gosh I realize you know the more we talk about this
I'm realizing we we need it'sfunny because I owned House
Facts for the longest time wherewe'd put together a folder that
had all the details in it.
This isn't just if it a legacyfolder this is a now folder.
We need to create this forpeople who have houses now and
you just you fill in a littlebit at a time you know do five
(23:55):
minutes a week untileverything's there.
How helpful would that be?
Like a house folder with all thedetails in it you know
especially if it's electronicbecause the printed ones get
lost.
Alright let's move to the mostemotional part of this folder
your wishes and this isn't aboutreplacing a will obviously you
know it's really great if youhave a will in place not about
(24:17):
replacing a trust and it'sdefinitely not legal advice
that's our big disclaimer there.
So you know if you can't live inthe home anymore what do you
prefer?
Do you want it sold?
Because quite frankly you youmay not have the memory to be
able to um you know to be ableto make that decision at that
point.
As sad as it is to say we'redealing with a lot of
(24:39):
Alzheimer's in this country youknow a lot of memory care issues
that's why all these memory carecommunities are springing up all
over the place so you knowthinking about what you'd want
now now might you change yourmind?
Absolutely but this is yourdocument it's only for you right
so you can change it.
So do you want the family tocompare options before deciding
you know what does that looklike um you what do you want for
(25:03):
your family?
Do you do you want them to fixall these little last things?
Do you want them to squeezeevery dollar out of it?
And we I don't want to be salesyhere, but we do have a great
program that is CashCPO.com thatgets your money out um and then
we fix it and then you benefitfrom the upside.
You know most sellers make 90 to120% and that takes all of the
(25:27):
um takes most of the stress awaybecause you don't have to think
about it.
It's a program that we use whenpeople are going into senior
living as well.
Gosh Deanna you've used it somany times right now really
eases that transition.
So you know do you do you needthe home to pay for care?
A lot of people find they needto sell it's it's about 80% of
(25:50):
people need to sell the home togo into senior living and they
don't think about going intosenior living so they're not
thinking oh I'm gonna break myhip in in five years' time and
then suddenly have to sell myhouse and suddenly go into
senior living and no planning isdone.
So you know um do you preferprivacy and and less stress or
do you need to squeeze out everydollar?
(26:10):
What does it look like?
Here's a big one guys so I knewsomebody once that put stickers
on the bottom of furniture inthe parents' house while the
parents are still living in facthere's the truth the parents are
still living and it's alwaysbeen a sort of funny joke.
But don't argue over thefurniture is the shocking truth
just to you know be DebbieDowner again roe down for for a
(26:32):
moment most kids don't want yourfurniture it came over from
Germany in 1926 or grandma'sbedroom set the majority of
families don't want yourfurniture but if you do talk it
over now you know and figure outwho's getting what and if they
don't want it that's okaythey've got their own lives
where we're I mean obviously ina you know very different era
(26:55):
now and that they they just seemlike simple things but they
matter so much.
I've been through losing mygrandparents and it was awful
and I've seen lots of otherfamilies go through it as well.
Whole fight going on who'sgetting what who's this going to
and it can literally tearfamilies apart.
Have you guys ever yeah Kelly'sKelly's grinning like you've
(27:16):
seen this or with people yeahit's awful everything I have my
parents furniture that my sistertagged oh what's your sister's
name let's give her a shout outlet's call her uh her name's
Jenna but yeah she had her shehad her label on some furniture
(27:36):
some side tables and coffeetables it's like well they're in
my house so sorry Jenna we'regonna take it out on Kelly for
you there you go I hope you'rehaving a lovely life and I'm
sorry you don't have thatfurniture and we're gonna send
the men around to get it for youthere you go.
So but people are fightingbecause they didn't know what
you wanted.
So so get everybody in agreementwell they won't be in agreement
(27:56):
but it's up to you it's yoursright stop enabling your kids
just put it down and he'sgetting war.
So what do you think Deanna?
SPEAKER_01 (28:03):
Yeah that is so true.
I mean obviously you know thethe situation might be vital
right um they might have to movebecause they need care quickly
because there's been an incidentin the home maybe they took a
fall or or something like that.
But but uh the point is the homeis still sitting there and the
family may need to takeadvantage of the equity that's
(28:23):
in that home so that they canpay for their loved ones care.
They may need time to sortthrough belongings uh but they
also may not want to go throughthe typical what we call the
traditional home sellingprocess.
We even kind of joke that it'sgrandma's listing, right?
Grandma's way of listing it'sthe way it's always been done.
You know, they don't want to gothrough showings signs, putting
(28:45):
you know, managing repairs orhaving a lot of strangers walk
through the home if there it youknow are still belongings that
they haven't gone through ortended to yet.
So this is why it's so importantthat you you have options.
These families know that theyhave options and there's not
only one way to sell them.
So you know again going throughthat there's there may be a
(29:07):
traditional listing um there'san option with what we call a
certified pre-owned uh stylesale that that provide the
inspections and possibly anappraisal and a home warranty up
front uh there's also a fullmarket value cash offer that's
available and a couple of otherchoices that might be available
to the family depending on theirtimeline.
SPEAKER_02 (29:29):
The whole point is they need options not pressure
that's what we provide and wehave more that you can uh see on
that program at cashdpo.com andKelly what kind of questions do
you think that uh people shouldask before they make a decision
what what are the best questionsyou'd suggest well I'm I'm
(29:50):
betting within all the peoplethat are involved with it
they're gonna wonder what theworth it how much the house is
worth they're gonna look and seewhat it would sell as is and I'm
gonna I'm gonna throw on theretoo that again catching back on
making sure you know what ifthere's a mortgage or a lien
against the house because theymay think it mom and dad own
(30:11):
have owned this for 40 years andno mom and dad took out a
reverse mortgage 10 years ago.
So knowing what it's worth whatit'll actually sell for but then
understanding what kind ofrepairs are going to need to be
be made because there's going tobe repairs.
If mom and dad have been therefor a long time there's going to
be things that will add value toit and then determining what's
what's the best value for themoney.
SPEAKER_00 (30:30):
Yeah.
SPEAKER_02 (30:31):
How long it's gonna you know if there's a mortgage
or reverse mortgage or anythinghow much how much is that going
to cost us to put out of ourpockets and I've ran into this a
few times honestly it's like I'mputting money out of my pocket
for mom while she's in her carefacility.
We had to move her but it'scoming out of my pocket I need
to sell the house.
And then how much is it going tonet that's like one of the
(30:52):
biggest things is like everybodyasks how much is it going to be
how much is it going to be andthat's an important factor
because they need to know howfar they can you know how much
how long that's gonna last forkeeping them in a care facility
and then the speed and thetiming and the privacy how many
people are involved in in thetrust or the will or their heirs
(31:13):
to it um do they they do theyall agree oh no they they're not
gonna agree unless it's a reallytight family.
Yeah and then who gets to sellit and I'll pass on another one.
What about the probate title ortrust estate issues?
I literally had a friend her momor stepdad passed away four
months ago and her mom passedaway two months ago and what
(31:34):
they thought they had set up shetold me me and my mom's best
friend are holders of the houseor we we're gonna handle
everything for her there wasnothing set up they lost it in
probate it went to the state gotit from pennies on the dollar
and I just found that out in thelast week I was very because I
told him I said I can help youlet me help you I can get you
(31:56):
through this it's oh don't wantto be heartbreaking that's
terrible and you know here's thething don't get overwhelmed with
all this just start with onepage we can give you the
template just get the the maindetails down and spend a little
time at a time Deanna oh yeahyou know I if you've ever seen
the movie What About Bob withBill Murray, you know it's all
(32:19):
about taking the baby steps.
SPEAKER_01 (32:20):
And if you've seen that you know the funny part of
the movie is baby steps to theelevator baby steps to the
sidewalk.
Literally take it one step at atime like Ro just mentioned.
And if you are an adult childlistening to this please be
gentle with this conversation ifyou can um you know it's a
different generation that you'respeaking to than what we have
today and you definitely don'twant to bring up a conversation
(32:43):
with mom or dad and say you knowwe need sorry it's just I have
to say it, but we need to talkabout what happens when you die
because that's probably notgoing to be a conversation
that's gonna go well.
So instant what's that?
I would say yeah yeah and I meanhow do you feel when you hear
that it's like oh instantresistance I don't want to talk
(33:04):
about it right so something thatyou might be able to say is hey
mom, dad, I, you know I heardabout something today creating a
home legacy folder.
You know, is that somethingyou've heard of or would it be
okay if I helped you organizeyour you know your information
for the home just so we knowwhere things are if you ever
need us to help with anything.
(33:25):
Come at it from a place of ofbeing helpful.
Uh it'll have a differentfeeling and it'll show them that
you're coming from a a place ofempathy a different perspective
than someone coming in justwanting to take control and take
over things for them.
They don't want that.
SPEAKER_00 (33:41):
I love that oh my gosh Kelly any final words our
time goes so quickly on theradio show and we have to wrap
it up because we'll be off theair yeah um so tying into that
and going back to your uh youmentioned hey mom, dad, you know
sell your house, use the money,go do things you want to do.
SPEAKER_02 (34:03):
So there's there's two lines of thinking so the the
children are going we may notneed the money or what you're
offering to us.
We want you to have it enjoy it.
And the parents on the otherside are thinking I want to
leave this to them.
So it's it's nothing to be tofeel guilty about on the senior
side or the homeowner side it'sjust prepping to help your kids.
(34:26):
You want to help them I've seenit multiple times it's like the
parents want to help the kidsthe kids are saying just go have
fun.
Just go do what you can but justhaving some things in the same
place located in one file isit's not that hard to do.
So just start small grab out thethings you know right away are
(34:46):
and then add to it over time.
And whoever's in charge of thisif it's one person, two person
in my case it's it's me and mysister.
And we will get together and mymom has thought about this so
just put it together and add itas you go so that when the c
time comes up you have to referto it and use it.
The actuality is you will haveit right there and it will be so
(35:10):
much smoother.
SPEAKER_01 (35:11):
May I add one thing to that Kelly um that's such
great information and guidancefor families going through these
transitions.
I, you know, during my time insenior living I helped over 640
families with that transitionalprocess.
And I can tell you and I startedas a CNA in in that environment
(35:32):
so went through different sidesof what that looks like right
what's most important at the endof the day has nothing to do
with the furniture or a lot ofthese things.
It's who's with you in the roomwhen that graduation happens,
right?
So if if you can come from aplace of empathy, whether you're
(35:52):
the adult child caring for yourloved one, knowing that these
things are probably going tohappen, or you are the this the
individual yourself, the seniorlooking at making the
transition, you can worktogether and there are ways that
we can help you do that withwith the home legacy folder.
So just remember that it's allabout love and start there.
SPEAKER_02 (36:13):
That's really good Deanna.
SPEAKER_00 (36:14):
I I never know how to follow Deanna like she just
hits me right in the heart everytime I love that.
So this is all about startingsmall don't get overwhelmed with
it.
That was the best advice fromDeanna ever.
I should just let her do thewhole show next time.
You know this is about your youknow they say it's about your
home should remain a gift notnot become a burden I don't know
(36:36):
whose quote that was but at thesame time I say sell your home
rent something now if you'reolder and off you go.
Even if it's independent livingbut go around the world do
anything you can still do getyour back bucket list done
because every year it doesn'tget easier.
Go spend your money and have agood time.
Just saying but this is youstill need it's not just about
(36:59):
the house it's not just aboutthe money out of the house it's
about all of the details becauseat there is another I mean I
grew up with two sets ofAlzheimer's in my it both with
my grandmother and my mother andyou don't know when you're
starting to forget things.
You know in the beginning infact mo most of us go, oh we're
(37:19):
forgetting things is ithappening already right who
hasn't experienced that put yourhand up at home right now.
Like we've all experienced that.
So it sort of gradually getsworse was my experience in my
family.
And you don't really know whatwhen you go over that ledge
where you can't write thingsdown anymore or you can't find
where it was at or even rememberthat you're supposed to.
So getting this into placeoutside of the house you know
(37:41):
even if you spend all the moneyout of your house is really
important for your family who orwhomever's going to pick up the
big old mess that we make inlife right so and of course we
can help you with the legacyfolder.
I mentioned we have a templatefor you it's all free we're not
selling for you selling to youor anything else else like that.
It's the home legacy folder giveus a call it's a download we'll
(38:04):
send it out to you.
Give us a call 247 at 8283 4483that's our reception desk
they'll take a message or putyou through to us if it's if
it's the uh normal times of theday but 247 literally you can
call there's always some of theold call and we'll help you
start organizing.
So when that day comes and Ihope it's the day when you're
(38:27):
doing your bucket list and andrunning around then we can help
you.
Again the numbers 828 333483your home matters your family
matters your plan matters go seeall the episodes at realestate
newsradio dot com and this isRowena Deanna and Kelly and
(38:49):
we'll see you on the radio nextweek
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