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Seniors need a plan before selling their long-time home

Suddenly coming into a bunch of extra cash can affect your taxes and benefits.

ZEPHYRHILLS, Fla. — Because of this housing crisis, if you're a homeowner, you probably get calls all the time asking to sell your home. But those all-cash offers may not be a good idea if you're a senior.

Realtors can likely come through on promises to make you a lot of money fast, but you need to make sure there's a plan for after your home is sold. 

Tampa Bay area realtor Tina Newby has heard all the horror stories. "I just sold my house and it's the biggest mistake I did and now I don't know what I'm doing. I can't find my realtor."  

That's why she's hosting workshops, like this recent one in Zephyrhills. She's hoping to educate people, especially seniors, on why it's important to have a plan. 

"A lot of seniors in Florida have been living in the same house for 20, 30 years. When they bought the house it was 100 thousand. Now, if they're selling it, it's going to be 500, 600 thousand," Newby said.

Pasco County resident Ray Oliveras has owned his home for thirty years. He says he gets 8-12 calls a day. "They indicate within 30-60 days your house is sold and I'll get a check within that timetable."

And while it may seem like a no-brainer to take the money and run, Tina says suddenly coming into a bunch of cash can cause some changes in benefits and taxes that you need to be ready for. 

"VA benefits are a big deal as well so we want to make sure we educate our seniors so that they will think about these things before they get themselves into a contract and then end up not having any place to be and what's worse, no benefits."

Ray was glad he came to the workshop. "It just alerts me even further that I have to be tuned in to who's calling, why are they calling and what timetable they are talking about."

Tina says the key is planning! Make sure your realtor specializes in working with seniors. It's also important to talk to a tax attorney and financial planner who can help guide you through the process to make sure you're protected.

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