Real Estate and Medicaid in Ohio
Hello! I am a realtor and I am trying to help a client and I'd love any advice you all have!
I have a client who is selling her mom’s manufactured home in a park. She bought it for 120k in 2022. Everything is like new. She cannot move into the nursing home until it sells and then she can use the money to pay for the nursing home until it runs out, then medicaid kicks in. As you all probably know, with medicaid, they cannot price the home too low or it will get flagged. I suggested getting the home appraised so we would have some evidence for how much the home is actually worth. But that didn't work out because it appraised for way too high! I’ve found that pricing manufactured homes as low as possible is the only real way to sell them quickly, otherwise, it seems like they tend to sit, sometimes for months and months. In this case, we can’t price it crazy low because we don’t want medicaid to get flagged. I listed the home for $79,900, tax records show its value at $62k, the appraisal came in at $98k. It’s been on the market for a week, and we have had zero showings.
Is there a process in which I can reduce the price if there is no interest at all? Can my seller use the evidence of no showings to fight against medicaid if they flag it for us selling too low?
I have sold medicaid manufactured homes before with medicaid in mind but they were 20+ years old, so the low price was justified. With a 2022 home, it is much harder to sell at a reduced price. Any information is welcome!! Thank you!