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  1. #1
    Join Date
    Aug 2011
    Posts
    1

    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?


    thanks!


  2. #2
    Join Date
    Jan 2011
    Posts
    12,100
    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.


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