Posted on 05/13/2012 12:49:41 PM PDT by MacMattico
No termites in these parts.
On city sewage. (Village)
We’ll see what the lovely state of NY has to say soon.
Gotta get some sleep now if possible!
Good for your Mom...that HAD to be a tough thing to do.
I wonder, after reading this thread...if the Social Services/Medicaid thing is nationwide. We still have a home that the 4 of us own and a mom not YET in a nursing home...
before even thinking of talking to a realtor, go see an Estate Lawyer - quick. (not an estate planner, an estate Lawyer) Unless your mom’s home is worth over $250K, unrepaired, I think NY social services is trying to snow you.
You ARE getting lots of good advice.
Based on the post that I am responding to it sounds like you are leaning towards buying the house. There would be nothing wrong with that. The house is over 100 years old. It's survived that long it will probably last another 100.
Remember, it's your decision. Once made don't look back. Look forward and live with the knowledge that you made the decision based on your needs and desires. God bless and I hope this works out well for you.
The fact that this is a “taking” by the State in exchange for MEDICAID may make this a different proposition. Especially in this low ball market and property glut.
You will get your own “fair” estimates of an “as is” sale vs the value of the property if it was “rehabbed”, and what the costs of rehab will be
Then you will be in better position to decide from a financial perspective whether to turn it over to the state, buy it, fix it and live in it, or have your mother sell it on her own with your help.
Do get a very experienced Realtor to help you get the information you need, ask friends who have been in similar situations and get references, dont just rely on Realtor advertsiing. Chemistry with the Realtor and Broker when you meet them to talk, also matters
Good Luck!
Get this guy to do your home inspection:
http://en.wikipedia.org/wiki/Mike_Holmes
I’m noticing things you say about the house.
You feel more affinity for the house than you do the one you live in.
You’re concerned whether your affinity is based solely on sentimentality.
There appears to be a two pronged reason for this affinity...one would be the family history there but the other one appears to be how you feel about various features of the house and how they would be if fixed up.
You don’t prefer to have to deal with letting it go to someone else. As you said, it’s very near you and the idea of someone else owning it isn’t appealing.
You seem to have common sense and awareness of the issues involved and what to be careful of.
I think you should listen to yourself.
All other things passing muster, go with what your internals are telling you, rather than ignoring them and letting someone else buy it.
That way, no regrets.
My husband said I wish we could get Mike Holmes!
What I’ve now been told: I was told certain Medicaid nursing home care rules can be different even based on COUNTY rules within my state! (NY) But one of the general rules is a time period where any property worth over $15,000 can be transferred— it’s 5 years. If she transfers the deed to you now, and has no use for a nursing home until after 5 years, the property is yours free and clear. If it’s less then 5 years, they put a lien on the home for the cost of the care, which adds up quickly. My mother didn’t want to transfer the deed earlier because she wanted to keep a tax exemption she had in her name! I guess I just didn’t think this day would come, but it has. My husband’s mother is 78 and her property is worth
much more, but she doesn’t want to listen because I think she doesn’t want to look at the reality of getting older. It’s tough all around. I have to provide Medicaid copies of all her income, tax forms, all bank account information and retirement funds for the last 5 years. I am waiting for
some of this documentation to arrive still. I wish I could just pay for the nursing home in cash, but at over $10,000 a month I can’t. Not many can. I’d check with your local Medicaid office, although they transferred me around so many times because normal Medicaid doesn’t deal with the
nursing home part of it. Oh, and they want all of her bank account statements because if money was given in the amount over $2,000 to anyone in the last 5 years it has to be accounted for and there is a Medicaid “penalty”, which I think means somehow it would need to be payed back. I’m not sure what they’ll find! And I mistakenly said before they’d take her home now, but Medicaid won’t take the house now, they
wait until the person passes away. If no one takes care of the house, for instance if my mother had no one willing to help, they’d let it fall in a heap if she were still alive! How is that helping with Medicaid costs, I don’t know! Also, if I wish to buy it, I need to hire an appraiser and they will accept the lower amount between the appraised value and the assessed value used for taxation. I think it will definitely appraise for less.
I think I just really have to go over the finances now and get an appraisal.
Thank you for the advise. I’m sorry about your family situation. With my siblings things are already a bit strained, but they expect me to do all the work!
I just noticed your question of could my mother keep me from buying her home if she chose to. The answer is yes, she could until after her death. She technically still owns it and if is asked can just have it sit there falling apart with a lien on it in case she happened to “some day be able to come home”. Which is not possible at this point, but it is her right.
Even though it breaks her heart, she wants it sold, hopefully to someone in the family because she wants to pay for her care, as much as she can. She hates the idea of using Medicaid, but I told her sometimes we have to do what we have to do, and she is not gaming the system or anything. Also, if it stayed in the family we could arrange for her to visit at times. Of course she’d probably hate my decor if I were to buy it!
Thanks. I think I will.
NASA, I meant your sister, the one giving you problems.
If you DO buy it and redecorate, why not (open a can of worms....) ask your mom for input?
;)
Or....not.
I think I was “listening” pretty well before answering your question.
:-)
I have pictures of the wall color of the dining and living rooms from the 60’s that she picked out that actually look quite modern so maybe she'd like that.
But her taste in kitchen flooring and carpet-— I don't think so! :) And the last set of curtains she put up in the living room— I think they went out of style in the 1700’s! As she aged, the house, decoratively, became more of a mishmash of 70’s style meets assorted strange choices she made as they needed to be done. For instance, she was so proud she had tile put in the bathroom about ten years back, and it's a quality tile, I'd live with it but EEK!!!
Of course those are mainly cosmetic, it's the structural things we'll have to see about...
But she's generally easy going. If she didn't like something she'd say something like, sarcastically “Oh, that's what you like?” And let it go. I can live with that.
I lost track, reading all the comments, I should have known you meant my sister!
The doctors say mom is of sound mind so I believe it’s her decision. If the appraisal comes in low, she’ll (sister) probably will throw a fit until she realizes all the money will end up going to the nursing home. She still thinks there’s some big inheritance waiting for her somewhere that never existed.
My sister gave me a list of the things she’s interested in having from the
house, of course the list is of items that she thinks may have financial value, nothing sentimental. My mom gave my other sister her “good china” as she calls it years ago, she just couldn’t take it until mom passed away or went into a nursing home. Other sister says she wants the good
silverware, fortunately moms still around to say “Silverware goes with the
dishes.” In a way it’s so weird because she’s around to answer those questions. I’m glad she’s still with us, but it’s got to be hard on her, but she just says she’s fine. It’s me it’s tearing apart!
NASA???? NASA??????????? LOL!
I was on my phone and MEANT to type..."Naaaa". Sheesh. Sorry about that!
I just thought it was some cool acronym that I was unfamiliar with and didn’t ask because after hitting 40 I have to at least pretend I know what’s hip! At least I realized you weren’t referring to Astronauts!
You should see some of the things I’ve typed and spell check doesn’t catch it because it auto corrects to some other word. I think I’ve offended my sister in law more then once because of auto correct! Then I have to apologize and we get a good laugh!
I read somewhere...SOMEwhere on the net (which means it’s TRUE, don’tchaknow!) ... that some poor person thought LOL meant “Lots of Love”.
Well...she’d write notes of sympathy, get-well emails, you know, stuff....and sign off LOL.
:)
(if there’s any young with-it peeps reading this...what does BOL mean??? Even my grandson can’t figure it out. I’ve seen it used INSTEAD of LOL...more than once.)
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