Selling a parents home prior to them entering a nursing home
Cindy called Express Homebuyers and spoke with Greg Allen, an acquisitions associate. She let him know right away that she was in a very difficult situation. She lived in Kentucky and her mother-in-law owned and lived in a home on Gallows Rd in the Chatelain Village neighborhood in Annandale, Virginia. Her mother-in-law had dementia and needed to sell her home fast as her health was rapidly declining.
Unfortunately, Cindy knew she had to move her mother-in-law into a facility that could provide medical care to her around the clock. They didn’t have the money to afford this and they needed to sell her mother-in-law’s home quickly. There are three instances where a person who qualifies for Medicaid coverage for a nursing home can transfer their home to a member of their family without being subject to a penalty and without Medicaid being entitled to receiving funds from the transfer of the house. These are the following circumstances in which they can transfer it to one of their following family members:
- The property owner’s brother or sister had ownership interest in the home over the last five years and lived in the house for at least the previous year.
- The property owner has a minor child, blind or disabled child of any age.
- The person’s adult child: (1) lived in the house for at least two years prior to the parent moving into the nursing home; (2) during that time the child cared for the parent; and (3) that the care provided by the child allowed the parent to remain in the home
Unfortunately, Cindy and her husband, Frank, did not qualify for any of the above exceptions. Therefore, they would have to sell his mother’s house to have the needed funds to move her into the nursing home.
Greg let them know that Express Homebuyers could help them out by purchasing the home in its as-is condition. Frank’s mother had lived in the home for over 45 years and as her health had gotten worse and she was unable to keep up with the house. The condition of the house had deteriorated greatly and was in dire need of major renovations.
Selling a parents home prior to entering a nursing home doesn’t have to be a nightmare
Cindy and Frank let Greg know that they would be in Annandale for one week to meet with prospective buyers and actually sell the home. Obviously, this limited window of time immediately eliminated most potential buyers right away. This is because most home investors and home buyers need time to find lenders who will lend them the needed money to buy the home. This is not the case with Express Homebuyers. After buying 2,000 homes, we have the cash to buy any house immediately. Cindy and Frank were very happy to hear that we had the ability to meet with them and officially buy the house in seven days.
Greg met with Cindy and Frank and at the home and gave them a fair offer right away. They asked for a few hours to compare our offer with other offers they had received. They called Greg back later that day and said they wanted to move forward with Express Homebuyers. Greg met them the next day and signed a sales agreement and went over the necessary paperwork. A few days later Express Homebuyers bought their mother’s home. This allowed Frank’s mother to move out and into a nursing home to get the care necessary to keep her safe and healthy.