Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

54
Posts
15
Votes
Wayne Freeman
  • Wholesaler
  • Pawtucket, RI
15
Votes |
54
Posts

medicate nursing home

Wayne Freeman
  • Wholesaler
  • Pawtucket, RI
Posted

I have a seller that is a future p.r.  The owner to date is willing to sell.  The owner had been in a nursing home with a brain tumor for 5 years.  Is there any loop holes where they could sell the house.  Maybe put the house in a trust? Any suggestions are welcome. 

Most Popular Reply

User Stats

14
Posts
13
Votes
Clay Lingg
  • York, PA
13
Votes |
14
Posts
Clay Lingg
  • York, PA
Replied

Assuming the nursing home residential does not have capacity to enter in agreement for sale, then you need to find the agent appointed under the power of attorney to sell the property now. Since the person is in a nursing facility, I'll further assume they are receiving Medicaid benefits through the state and the property has been exempted. This simply means the State will only seek recovery from the individual's estate upon the resident's passing, meaning it's unlikely the potential heirs will receive an inheritance. Therefore, you have an opportunity to convince the agent under power of attorney to sell the property now for fair market value and in doing so you'll be able to ensure that the beneficiaries receive approximately 50% of the value of the property. Make sure the deal works out for you based on the appraised value. From their scenario, they can receive nothing or 50% of the value of the property by working with you! 

Since I'm an attorney in Pennsylvania and my advice  is limited to Pennsylvania, you'll need to contact an elder law attorney in Rhode Island to handle this matter. Send me a message if you have more questions. 

Loading replies...