Medicaid – Nursing Home
We often receive calls from family members or guardians of elderly individuals requesting assistance to market the home of the elderly individual. In our experience we have found that the family members or guardians sometimes have an obstacle because the home is in need of repairs and the actual fair market value is less than the local property valuation administrator’s assessed value.
This is likely as a result of the owner having lived in the home for many years and not being physically or financially able to maintain it in recent years.
In order to pass required government backed loan inspections, the home often needs more repairs than is economically feasible. Because of the needed repairs, attempting to sell the home on the market by a private listing usually is not the best option.
We have worked with many sellers that faced this unique situation, and we can help you get over the hurdles that you may encounter in the same situation.
Selling the property at auction is the best option for many reasons, but we think the top two reasons are:
(See KRS 205.591 below)
KRS 205.591 “Fair market value” of applicant’s property if used to determine eligibility.
If the Department for Medicaid Services considers the fair market value of an applicant’s property for purposes of determining eligibility, “fair market value” means:
Effective: June 29, 2017
History:Created 2017 Ky. Acts ch. 138, sec. 3, effective June 29, 2017.