Can you legally buy a home at fair market value? 2 Answers as of July 20, 2011

My mother just died after spending several years in an assisted living facility for patients with Alzheimers. Her only remaining asset is her home, which has a 184k mortgage and estimate market value (Zillow) of 115k. Of her five children, only one is interested in the home as he has been living there and caring for it during her absence. He also had power of attorney and paid all the bills, even at times having to reach into his personal funds to keep Mom safe. I have suggested to him that the lender probably prefers not to take possession of the home and that perhaps he could negotiate "buying" the home from them for fair market value. Is this within the realm of possibility? The house had been refinanced by my step-father (now deceased) at the height of the market some years ago.

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Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
He can buy the property at fair market value but he needs to deal with the mortgage. If the bank will accept a reduced amount then this issue can be resolved.
Answer Applies to: California
Replied: 7/20/2011
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