All Forum Posts by: Doug W.

In my city and in the neighboring county you can see a list of permits - including those that have been applied for, issued, and denied -- and the current status. All of the above have dates, names, etc. It is public record and you can simply use the home's address.

I just found the URL for Miami Beach's permit tracker but I don't think it will work if I paste it here. Google it. 

If you're not embarrassed by the price of your offer it isn't low enough.....

What is the worst that could happen if you offer $150k? They get mad? Offended? Ok, fine. Move on. A house is only worth what someone else is willing to pay for it. 

If you're offering a price that works for your scenario then that is what matters. If they can find a buyer willing to pay more then good for them (the sellers and that buyer). If not you might find them coming back to you later and asking you if your offer still stands.

Great job @Robert Obniski.

I know how you feel about the 2nd flip and whether you think the $8k was worth the time you put in. The way I would look at is that you got 50% of something instead of 100% of nothing. It was a great way to leverage private money so that you could get a 2nd one started (even if just the paperwork) while you used your own money on the first. I'm in a similar situation where as I'm making multiple offers during the same period of time and that means I will have to use some sort of HML for one if I end up getting two that overlap.

Also, keep posting your success stories. It is motivating to the rest of us, as others have already said. 

@Barbara G. - all great points. I haven't submitted anything yet but have been leaning towards offering what I would if this was a "normal" sale. At the worst they can scoff at my offer and the world will continue to turn.

My understanding is that the owner is himself selling the house. The house is vacant and appears that it has been so for some time now. 

What's the saying? You can catch more flies with honey than with vinegar? His attitude towards you is his loss. Don't let it be your loss.

I am guessing that there is plenty to go around where you live so if I were you I would put what he said behind you and just find other buyers. And don't let it keep you from calling other "We Buy Houses" signs. 

Hi again - I was reading the replies from the bottom up and now realize that my last post probably was telling you exactly what you had already told me. Sorry for repeating more or less what you had already said.

I agree in that I'm not sure that the listing agent fully understands. I'd like to offer a price for the property based on what I would offer if this was a traditional or estate sale but I don't want to waste anyone's time -- including my own -- if an offer below asking price is never going to even be considered. 

Hi @James Miller

Thanks for your input. I was wondering myself this morning, before I posted my question, if this is like a short sale in that the owner owes Medicaid and they (Medicaid) won't take below a certain price for the asset being sold. 

Any idea on how I can check for a lien of this nature? 

They aren't selling the house. A Realtor is. However Medicaid can consider, in some instances, a house as an asset when the owner moves into assisted living and draws from medicaid for their living (and other?) expenses.

From the HHS website:

An exempt “home” generally becomes a countable asset -- that is, its equity value is counted against Medicaid eligibility limits -- if the owner has no living spouse or dependents and

• Moves into a nursing home or other medical institution on a permanent basis without the intent to return,
• Transfers the home for less than fair market value, or
• Dies.

Using home equity: When the house is no longer a "home" and becomes a countable asset, Medicaid may require its equity to be spent on the homeowner's healthcare costs. A lien may be imposed on the home to ensure this outcome. The homeowner may also lose his or her Medicaid eligibility, at least temporarily.

I'm looking for some advice from those who have purchased a home that involves Medicaid's approval.

Backstory: there is a property for sale that I really like but the price is a little too high right now. It is priced at the value of the county's tax assessment. The listing agent tells me that the price is non-negotiable due to it having been set by Medicaid (the owner is in an assisted living facility). 

My experience with Medicaid and real estate is limited to when my grandmother had to pay the equivalent of her apartment's rent payment to Medicaid after she moved into assisted living.

The agent also shared that once the asking price is offered there will not be any drawn out period of having to get approval by Medicaid. In essence, the sale will move forward like a traditional sale.

Questions:

1) Does anyone have experience in negotiating the price? The value is in the land.... as the house is going to be taken down to the joists and studs. Nothing else is salvageable. That is why the price is higher than I would offer in a traditional (or even foreclosure) type of sale.

2) I have a feeling that the house is owned free and clear so I do not think that the Medicaid lien would be more than then assessed value. Is there something else specific to Medicaid I should be looking for or considering that I am not? 

Thanks in advance. 

@Kim Handelman can you tell them "Me and my partner <flipper #2> are going to work on this project together"?