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"The real question is can my wife and I get in line ahead of other buyers."
Yes. Make an offer on the property through your lawyer. Give the dad a life estate meaning he can live out his days there. You will own the property. The feds will get their pound of flesh and daughter can go home when dad dies. Everybody wins if you can wait to occupy the house.
I am not a lawyer and don't play one on TV, but I have been in real estate for 22 years.
And as I pointed out above that is likely silly to the point of being stupid.
Or, you could buy it now, and offer the owner a life estate, with that life estate interest being priced into the purchase.
Life estate would allow him to live out his life in the property, if he so desires.
Attorney time for the contracts, if that is an option.
Quote:
Originally Posted by lvoc
And as I pointed out above that is likely silly to the point of being stupid.
I totally disagree with Ivoc.
What MikeJ proposes makes tremendous sense. The lien (not lean) on the property means that when the property is sold, the lienholder will be paid from the proceeds of the sale. There is no intention by whomever is the lienholder (in this case Medicare) to buy/own the home; only to recoup what they are owed. Because the owner is likely at age 87 to wind up in a nursing home himself, it is likely that additional liens could be placed on the property. Selling now would ensure that there he would have some funds on which to live - the balance between the sale price and the current lien. Having a life estate calculated into the sales price would ensure he had a home in which to live out his remaining years.
It is certainly an option worth seeking the opinion of a real estate/estate planning lawyer. If you do not have/know one, contact your City Name Lawyer Referral Service for one with expertise in that area.
Everyone, thanks for your help with this. I kind of wished I had not posted it. Was hoping for an outcome that would happen 5 or 6 years from now. My good friend and neighbor passed away this week. He was a great guy, completly devoted to his wife of 65 or so years. A week ago you would have never known he was in the condition he was in. Now the deal is handlng an emotional situation while trying to make an offer. The daughter told us she may want to move back east to be near family members. She has not decided at this time what she wants to do. I guess the best thing to do is present an offer based on if she decides to sell. I wouldn't begin to know when the best time to do that would be based on her emotional state. We consider her a friend as well.
jumping in the middle here (haven't read the previous posts yet) but keep in mind the house may not be hers to sell or move into. Until the will is read and/or estate settled, probably not too much can be done by anyone.
Everyone, thanks for your help with this. I kind of wished I had not posted it. Was hoping for an outcome that would happen 5 or 6 years from now. My good friend and neighbor passed away this week. He was a great guy, completly devoted to his wife of 65 or so years. A week ago you would have never known he was in the condition he was in. Now the deal is handlng an emotional situation while trying to make an offer. The daughter told us she may want to move back east to be near family members. She has not decided at this time what she wants to do. I guess the best thing to do is present an offer based on if she decides to sell. I wouldn't begin to know when the best time to do that would be based on her emotional state. We consider her a friend as well.
Since she is a friend, I think you can inform her now that you are interested in purchasing the home when the time comes. Let her know that you realize this is something that she will not want to deal with immediately. Also, if you haven't already, offer to assist in anything she needs assistance with for the property. By knowing that you are interested, it could even take a load off her mind. One less thing to worry about. She would probably prefer to sell it to a friend.
If she doesn't know that you are interested, then she may make other arrangements before you discuss it with her.
Since she is a friend, I think you can inform her now that you are interested in purchasing the home when the time comes. Let her know that you realize this is something that she will not want to deal with immediately. Also, if you haven't already, offer to assist in anything she needs assistance with for the property. By knowing that you are interested, it could even take a load off her mind. One less thing to worry about. She would probably prefer to sell it to a friend.
If she doesn't know that you are interested, then she may make other arrangements before you discuss it with her.
Hi Captain Bill,
We visited with her on Wednesday and she did have her concerns with how she would take the trash out, or if some other thing happened that she may need help with. We told her not to worry as I have to take our trash out as well and it isn't too hard to do the same for her. My wife offered my help with things she may need around the home. For the time being she will be fine in that respect. Like you, I am thinking it is better to get my cards on the table so she knows that an interest in the home is there.
I see no mention that Pops wants to move. Moving an 87 Y.O. who has not volunteered to be moved from their home of nearly 40 years can push them into ill health quickly.
Like I said, I don't see enough information here to indicate a best path.
Agreed, Mike. We DK if there are other sibs. And it's possible dad could outlive his daughter. Then what?
We visited with her on Wednesday and she did have her concerns with how she would take the trash out, or if some other thing happened that she may need help with. We told her not to worry as I have to take our trash out as well and it isn't too hard to do the same for her. My wife offered my help with things she may need around the home. For the time being she will be fine in that respect. Like you, I am thinking it is better to get my cards on the table so she knows that an interest in the home is there.
Write you proposal up nice and neatly and give it to her. Make sure she knows it is a "what if".
The failure to open up ones mouth screws up more deals than anything else.
I spoke to my neighbor last night. She told me that the home is too large for her and isn't ideal for someone in her situation with her health. She also said that the amount that is owed on the lien would be to large a burden for her if she were to take a loan out to satisfy the lien. For the next couple months she will be working on cleaning out the home and finalizing what she wants to do. She mentioned that she wasn't sure if the neighborhood was worth $400,000 anymore. I let her know what similar homes in the neighborhood has sold for and what current asking prices were in the area. One sold a couple months ago for $279,000 and two others are on the market for around $290,000. All are 3 bedroom 2 baths similar to her home. All the homes in our area are on 6,000 square foot lots. Still asking price and what they sell for are two very differant things. Anyway, thank you all for the help and support.
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