Need help in finding a solution for seller
There is a house in my neighborhood that is vacant because the owner is elderly and in assisted living. The Son is also listed on the title and wants to sell but can't because the state will take a lot of it because of the situation of his mother. Has anyone had any experience with this and can help with offering a solution? The house is empty and an eyesore but in a great neighborhood and I would like to buy it but don't know how I can offer a solution to the owners, they feel trapped in their situation. thanks
Garrett
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#2 Commercial Real Estate Investing Contributor
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- Dallas, TX
The short of it, is you can't. If the mom owes money to the state, she needs to pay that. Is it greater than the value of the property?
Ronald Rohde No she doesn't owe any money to the state but because she is elderly and in assisted living, the assisted living company will take a huge amount of the sale and that is why the son can't sell it. They want to sell but feel trapped by the situation that the mom is in. If they were to take her out of assisted living the house couldn't be sold for 5 years. any thoughts on that?
why is this in the commercial forum?
Can you provide clarification on the status of ownership on the house? Is the house owned by the mom & her son on the title? Is the house paid for? Confused on why an assisted living company would have any say on a private residence.