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?