(a)  The court may authorize the purchase of the entire fee simple title or the entire equity of redemption to real estate in this state in which the guardian has no interest, but only as a home for the ward, or to protect his or her interest, or as a home for his or her dependent family. The purchase of real estate shall not be made except upon the entry of an order of the court after hearing upon verified petition. A copy of the petition shall be furnished the proper office of the veterans administration and notice of a hearing on the purchase of real estate shall be given the office as provided in the case of a hearing on a guardian‘s account.

(b)  Before authorizing this investment, the court shall require written evidence of value, title and the advisability of acquiring the real estate. Title shall be taken in the ward’s name. This section does not limit the right of the guardian on behalf of his or her ward to bid and to become the purchaser of real estate at a sale thereof pursuant to a decree of foreclosure of lien held by or for the ward, or at a trustee‘s sale, to protect the ward’s right in the property so foreclosed or sold; nor does it limit the right of the guardian, if necessary to protect the ward’s interest and upon prior order of the court in which the guardianship is pending, to agree with co-tenants of the ward for a partition in kind, or to purchase from co-tenants the entire undivided interests held by them, or to bid and purchase the real estate at a sale under a partition decree, or to compromise adverse claims of title to the ward’s realty.