Help! I am trying to buy a house in NY, from an 80 year old woman. She will soon be going into a nursing home on Medicaid. There is no loan against the house.
She has two daughters, and in 2003 a "warranty deed with lien covenant" was filed, with each daughter paying $1.00. One daughter is well off financially, and has no interest in the house. The other is struggling, and naturally wants to make a tidy profit.
The house is in horrendous condition - walls have been patched with plastic and duct tape, exit doors covered over with siding, etc, etc. Unfortunately, from the outside it looks well maintained, and so the appraisal is too high.
Where do I stand? Does the older woman have legal rights to sell me the home, or did she sell it to the daughters for a $1.00? She will sell it to me at a fair price, but the daughter will want the excessive appraisal price. The rich daughter has said she will do whatever her Mother wants. So where do I stand? Who has legal rights to sell this house?
The older woman will be leaving the house in a few months and wants to have the house resolved before she goes, so we are running out of time.
Any opinions would be welcome. Did I mention that there is a family fued going on and they are not speaking to each other?