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I have POA. I will be getting a mortgage. I have application almost done, should I wait to see lawyer to look at application for mortgage or go for it?

Yes. Definitely do this with an attorney as there ARE ways in which it can go wrong. This money must be designated to MOM'S accounts and go to HER CARE. With you as POA it can easily look like self enrichment and thereby be illegal. That you say you are buying at fair market value DOES let us know you have best interests and legality foremost in your mind, and that's as it must be.

Take all questions to an attorney, not a forum of strangers. And best of luck.
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Reply to AlvaDeer
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You can also run your question in bogleheads.org, which is a crowd-source public forum for financial opinions, like this one is for caregiving. Just remember there is no accountability if you get incorrect or bad advice. Just like here.
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Reply to Geaton777
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Get the house appraised by a licensed and registered residential property appraiser. They will put their signature and seal on the document. This is a way to get a solid FMV. And this is the price you pay & it is payment in full to mom and deposited into her own bank account. The bank uses the appraisal for determining how they will do the lending to you. The bank may have an appraiser they use.

Also The bank may want to carefully review her PoA to make sure it conveys full financial powers. Hopefully it does.

If LTC Medicaid is in her future, then Mom cannot sell it to you for less than this amount nor should she finance the sale to you. You get a mortgage and the mortgage company pays her.

If you are her POA, you do this so that there can be no appearance that you are self-dealing. You have to have the sale be a fully “arms length sale” for no future issues with moms filing for LTC Medicaid. Personally I think there will be a deep review of all this by Medicaid even if it ends up being 2,3 or 4 years from now when mom has fully spent down all her house sale $. It’s just that folks try all sorts of shenanigans. So keep notes on what you are doing and all paperwork.

fwiw the comps that Realtors do, imho, do not work for this. It needs to be a registered and licensed residential property appraiser. And mom - as the property owner- pays for the appraisal. Not you.

Personally I would use a Real Estate attorney to do the sale. The atty acts as mom’s agent for the sale. If you’re in a State that requires a R E atty to review documents even better.
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Reply to igloo572
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If the real estate market is hot in the area, would you consider putting the house on the market? The house might sell for more than FMV, and that would benefit your mom more.
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Reply to Rosered6
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