Posted on: 17th Jun, 2010 03:55 pm
I am trying to buy a property, the owner past away 8/1/2008 so a yr & a half ago. The deed was tranferred into his 3 childrens names 10/9/2009, 8 months ago. I am no relation. With the banks research a lien for over $128,000 thru medicaid just filed 6/15/2010, 8 months after deed transfer & over a yr & a half after previous owners death. The house appraised for $26,000. I am buying for $18,000. Its 100 yr old school house. Can this be fixed easily & quickly?
To roverstake,
It'll not be easy to sell the home until the lien is paid off. In case you purchase the home in "as is" condition, you will have to pay off the lien. If it is not removed from the property, then Medicaid can take over the property and sell it off to satisfy the lien. Medicaid cannot recover an estate in certain condition like when the spouse of the deceased is still living in the home, etc. But in this particular situation, Medicaid will not have any problem in recovering the estate.
It'll not be easy to sell the home until the lien is paid off. In case you purchase the home in "as is" condition, you will have to pay off the lien. If it is not removed from the property, then Medicaid can take over the property and sell it off to satisfy the lien. Medicaid cannot recover an estate in certain condition like when the spouse of the deceased is still living in the home, etc. But in this particular situation, Medicaid will not have any problem in recovering the estate.