Owner Taking Back Mortg. Then Refi'ing
Hi guys,
I've buying a property from a friends grandmother who is in a nursing home. My friends mother has POA. I'm buying for 95k. House fmv is approx 115-120. My friends mother is taking back a mortgage for 95k and then I'm am going to refi 1-2 months later to cash her out. They need to sell the house so that medicare will "kick in". Im trying to arrange my refi ahead of time to avoid any snags. I know I need to find a lender with no title seasoning requirements. Heres my question "Is Medicare going to require an independant appraisal done on this property when its sold?"
Apparantly My mortgage broker needs to know this info before he can continue.
Thanks in advance!
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