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  1. #1
    dr1990 is offline Junior Member
    Join Date
    Aug 2011
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    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
    OHRoadwarrior is offline Senior Member
    Join Date
    Jan 2011
    Posts
    10,345
    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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