+ Reply to Thread
Results 1 to 2 of 2
  1. #1
    Join Date
    Aug 2011

    Fair Market Value Sale of home pending Medicaid

    What is the name of your state (only U.S. law)? Ohio

    I am planning to buy the home my uncle owns. He's in a nursing home and applying for Ohio Medicaid. The house is in poor shape and we had one appraisal for $58,000 although even that person was unsure about ability to sale for that. I want to be ethical and buy the house but also want to pay the lowest amount.

    My questions are:
    (1) Whta is what criteria will Medicaid use to judge the sale of the house? Would a sale at 80% of appraisal suffice? (I've heard this from a couple of people including one realtor)

    (2) What if we have inspection detailing out major issues (foundation etc) can we calculate a sale price adjusting for all of that?

    (3) Will Medicaid have to approve the sale or just step in to get the funds when done?


  2. #2
    Join Date
    Jan 2011
    They will appraise the house. You can't adjust an appraisal for repairs. The appraisal factors in the repairs theoretically. You should prepare a list of defects to make sure any appraisals factor in the defects. They can choose to void any sale they choose within 5 years. Wait for their appraisal, IMO.

+ Reply to Thread

Similar Threads

  1. Am I entitled to 1/2 fair market value of home?
    By Eskay H. in forum Divorce, Separation & Annulment
    Replies: 6
    Last Post: 12-15-2011, 06:34 PM
  2. Fair market Value
    By almost done in forum Divorce, Separation & Annulment
    Replies: 25
    Last Post: 02-08-2007, 11:18 PM
  3. Replies: 1
    Last Post: 08-03-2005, 09:42 PM
  4. fair market price for sale of property for commercial purposes
    By Linda M. Kitche in forum Buying & Selling a Home
    Replies: 3
    Last Post: 01-25-2002, 11:44 AM
  5. what is fair market value?
    By lgartner37 in forum Auto Accidents and Vehicle Claims
    Replies: 0
    Last Post: 11-21-2001, 10:20 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

© Since 1995 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.