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NON-SALEABLE ASSETS 1.22 ALL An asset is not saleable and thus is unavailable when it has no current market value as shown by one of the following: • statements from two knowledgeable sources (such as realtors, bankers, stock brokers) in a geographic area that say the asset is not saleable due to a specific condition; or • an actual sale attempt at or below fair market value in the geographic area that results in no reasonable offer to purchase an asset for which a fair market value is determined. This applies only to real property, mortgages, land contracts, life estates, and life leases. The asset becomes saleable when a reasonable offer is received. Non-saleable assets are excluded from countable assets. PENDING SALE OF PROPERTY 1.23 ALL Count as an asset any income that is generated from sale of real estate property, other than the group's primary residence (See also Section 1.24.2: Home Sales in this Part.) Exclude property the group is making a good faith effort to sell. This means: • an actual attempt has been made to sell it at a price no higher than fair market value, confirmed by a listing with a real estate company or advertising the property in a major newspaper; • no reasonable purchase offer has been made; and • for active cases, the property is continuously up for sale. There is no time limit on the exclusion if the above conditions are met. If the above conditions are not met, count the group equity in the property as an asset. MA Exclude real estate and personal property that by itself or in combination with other assets would make the individual ineligible provided the person: • signs an agreement to sell the property and to repay the amount of assistance received up to the amount but not to exceed the proceeds of the sale (any proceeds remaining after the repayment are a countable resource); and • makes a good faith effort to sell the property. When the property is sold, the net proceeds are counted as an asset to the group. If this makes the group ineligible for Medicaid (based on exceeding the asset limit), the DOH will recover Medicaid expenditures made on the group's behalf out of the proceeds from the sold asset. To enable the DOH to recover these expenditures, the SSR must notify DOH upon learning that an asset is for sale. Only the initial nine months of conditional benefits (or six months in the case of personal property) are subject to recovery. Example Ms. James and her 19-year-old child receive MA under the AR standard, Medically Needy Families and Children. Ms. James inherits a second home which she places on the market for sale. The value of the house would make the group's assets exceed the asset limit for the Medically Needy standard. The house is sold 13 months after she inherited the property. Based on her good faith efforts to sell the property, her MA eligibility continued past the initial nine-month period. Her net