Financing in 66092>Question Details

Sarah Klamm, Real Estate Pro in Wellsville, KS

One of my clients purchased a home in 2009 and received the $8000 tax credit. She is a teacher and was laid off in Kansas budget cuts and had to

Asked by Sarah Klamm, Wellsville, KS Fri Apr 15, 2011

relocate to a different school 50 miles away. She called me so we could put her house on the market. How is the payback penalty calculated for this situation. She hasn't lived there 3 years. Thank you!

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Hi, Sarah. Best person/entity to ask would be the governmental dept. that gave her the tax credit.
0 votes Thank Flag Link Fri Apr 15, 2011
She needs to contact an accountant.


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0 votes Thank Flag Link Fri Apr 15, 2011

So your client is not located 50 miles away from the home she purchased in 2009? Isn't a 50 mile commute a reasonable expectation? Why not consider her meeting her original obligation through a commuting to her new job and sell once she has resided in the home the specified amount of time.

Unless there are special circumstances, the obligation she created and agreed to likely won't go away without a penalty.

Good luck,

0 votes Thank Flag Link Fri Apr 15, 2011
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