Home Buying in 91367>Question Details

Michael Vo, Home Buyer in Los Angeles, CA

Hi, My parents signed over their house to my sister and I, back in 2002, before they decided to move out of state. Roughly 8 months later,

Asked by Michael Vo, Los Angeles, CA Thu Sep 17, 2009

we sold the house. My questions is, Do I still qualify as a 1st time house buyer? I am in the market for a place to own and would love to know if I qualify for that program.

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Answers

8
Yes you qualify if you have not owned any other property in the last 36 months. However the program runs out soon (December 1st). Since the program has started the prices have run up about $8k to $10k over what homes were selling for, so in the end run the Sellers are actually getting the benefit of the first time buyer program not the buyer.

Be careful relying on a 30 day escrow. You may need to be in escrow well before November 30th. The Thanksgiving Holiday will rob days from your escrow closing, The HVCC appraisal rules can add time and unscrupulous lenders who are still using warehouse lines can really gum up an escrow.

If you want to try and get this done on time before December 1st, you need to get escrow open by November 20th. Use a lender like B of A or Wells Fargo. If you want to use a loan broker tell them no warehouse lines under any circumstance. No internet lenders .... trouble, they will not get it done on time no matter what story they tell you. Find a Buyer's agent that is actually closing sales this year. Part time agents just are not up on all the changes that happen each month. Experience is everything in this market and if you are bidding on Foreclosures you need and agent that is closing foreclosure sales.

Really think hard about bidding up a house with a ton of deferred maintenance just to pick up a tax credit. The homes that come on the market in good to very good condition have even steeper competition.

I think it is better to let this silliness pass on December 1st. If the National Association of Realtors lobbying efforts in DC fail to get and extension on the credit, then the credit will go away and you will see many competing buyers rethink if they want to push as hard to buy.

If you have time please read this articles I wrote on buying foreclosed properties

http://homebuysblog.com/2009/03/23/foreclosure-pitfalls-buyi…

http://homebuysblog.com/2009/03/12/top-3-reo-forclosure-purc…

http://homebuysblog.com/2008/10/22/12-tips-to-make-your-reo-…

I work the west San Fernando Valley and East Ventura County. I grew up in Woodland Hills behind Taft High School and know the area well. My parents are still in the same house. Recent Sales as listing agent in Woodland Hills for me include: 22727 Ia Lane and 5140 Quakertown. I currently have a Bank owned listing on 22213 Burbank Blvd. please feel free to contact me through my Trulia Profile page.
Web Reference: http://www.homebuysblog.com
1 vote Thank Flag Link Thu Sep 17, 2009
As John said, this is a great source:

http://www.federalhousingtaxcredit.com/

Please let me know if you have any other real estate-related questions!

Alex Khallifard
Listing and Selling Agent
RE/MAX
Alex@TopHomesLA.com
818-925-8088
Web Reference: http://www.TopHomesLA.com
0 votes Thank Flag Link Fri Mar 13, 2015
Michael, you've gotten some great answers here! You should qualify for the 1st time home buyer tax credit if you have not owned a home within the past three years. There are some GREAT properties available right now - congratulations on exploring the possibilities of home ownership.

Please let me know if you have any other real estate-related questions!

All my best,
Dot Chance
DRE #01494182
Keller Williams Realty
818.339.7712
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Thu Sep 17, 2009
Hi Michael,
You definetely qualify for the program. The next step is to get pre-approved by the lender so that you know how much you can afford. You need to be ready when you find a house and want to present an offer. There are great opportunities out there for 1st time home buyers. This is a great time to invest in real estate not only because of prices being so good but also interest rates. Let me know if I can be of assistance. I am very familiar with the San Fernando Valley.
Regards,
Liliana Alfonso
Dilbeck Realtors
Sherman Oaks
818-414-0396
liliana.alfonso@dilbeck.com
http://www.liliana4realestate.com
0 votes Thank Flag Link Thu Sep 17, 2009
Yes, you do qualify as a irst time homebuyer as long as you have not owned a property within the last 3 years. To qualiy for the first time homeowners assistance and stimuls prorams, you must open escrow by October 15,209 and must be closed by November 30th 2009.

So that I can be of further assistance to you, please email or call me with the areas of interest for which you are in the market, and we can schedule an appointment to get you Prequalified for your home mortgage loan. I thank you or your business and will do my best to work dilgently for you at all times.

Sincerely,
Loretta Hartfield
REALTOR
DRE License #01805842
Teresa Peters
Executive Realtors, Inc.
Inglewood, CA
Office: (310) 665-1145
Direct: (310) 259-4378
0 votes Thank Flag Link Thu Sep 17, 2009
By the way, you can also find a bunch of helpful information on the program at this website:

http://www.federalhousingtaxcredit.com/

Good luck!

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
0 votes Thank Flag Link Thu Sep 17, 2009
Yes. As long has you haven't owned a property in the last 3 years you qualify. Hurry because the deadline is closed escrow by November 30th, which means you need to open escrow by October 15th.

Richard Schulman
Keller Williams Real Estate
schulmanrd@yahoo.com
310-482-0173
0 votes Thank Flag Link Thu Sep 17, 2009
Hi Michael,

Yes, as long as you have not held any ownership in a home in the last 3 years, you would still qualify as a first time homebuyer. Sounds like you would fall in the time frame. Hope this helps - Good luck! Give me a call or send me an email if you would like some help finding a place.

Have a good day!

John Barry
Coldwell Banker Residential Brokerage
Sherman Oaks, CA
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
0 votes Thank Flag Link Thu Sep 17, 2009
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