His home is in poor condition and is not worth much. He wants to unburden himself of the house before he goes into the nursing home. He is also in the process of getting qualified for Medicaid. The house will not be an asset any more after I buy it from him and use the proceeds to pay off the mortgage. Is this allowable under Medicaid guidelines? I am not a relative and it will be a third-party sale.
We ended up selling it for $71K. Comparable houses in the area were selling for between $70-80K, so it was in the fair market value range. Now, will Medicaid look at the $90K and say that is the fair market value, who knows. It may all depend on the Medicaid caseworker you get also.
So, cover all your bases. Get appraisals and comparables for the area. Figure out how much it would cost to get the house in sellable condition and go from there.
Good luck.
Enough abt real estate, Dogobone, thanks for your answer. That's what I've been looking for.
Veronica, I'm truly sorry your experiences have been so bad. There are always good and bad, fortunately more good than bad
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