2-008.07B5b(1) Extension of Time Limit

If the client is unable to liquidate the property in six calendar months, the service area administrator may authorize an additional three calendar months. In determining whether to allow a three-calendar-month extension, the service area administrator must consider:

1. 1. If the property has been placed on the market;
2. 2. If the client is asking a fair price for the property;
3. 3. If the asking price has been reduced;
4. 4. If the client understands the requirement for liquidation of the property;

5. 5. If the client has not refused a reasonable offer to purchase; and

   Note: If there is not a better offer, a reasonable offer is defined as at least 2/3 of either the estimated current market value or the proven actual value.

6. 6. The economic conditions in the area and if real estate is selling.

(4/11/95)

Before the three-month extension ends, if the client has exhausted all possibilities for selling the property, but the property is not sold, submit all information regarding the property and its saleability to Public Assistance, Central Office, to determine if the resource is available, in accordance with the guidelines previously listed.