Home Buying in Willow Grove>Question Details

Wilfred Dsou…, Home Buyer in Hatboro, PA

I bought a house in Willow Grove in 2008, now I intend to either sell the same and buy a new house. My question is what are the governement

Asked by Wilfred Dsouza, Hatboro, PA Sun Apr 1, 2012

rules.... and regulations which would govern the sale and buy of the new house.
Thank you
BR/Wilfred DSouza

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Answers

6
There really are no specific govt rules so long as you go from a primary residence to another primary residence. For the best, most accurate details, consult your accountant.
0 votes Thank Flag Link Sat Nov 16, 2013
Hello, WIlfred,

I think you are concerned because maybe you got first time buyer tax credits, right? If so, you need to speak with the person who does your annual tax filing. I think that if you purchased in 2008, you are safe now because it is over 3 years. You might also find this information at the IRS website. It will depend on what month and year you settled as well as how much you received.

Hope this helps you!

Carol Cei, ePRO, Realtor
ReMax Hall of Fame
ReMax Platinum Club
Five Star Professional
ReMax Action Realty
215-643-9661
carolcei@remax.net
Web Reference: http://www.carolcei.com
0 votes Thank Flag Link Sun Apr 1, 2012
There could be an issue as Jen said if you bought with Obama’s buyer incentive. Otherwise there should not be any other issues. Do you have enough equity in the house that you bought in 2008? Keep in mind you will have closing costs just like you did when you bought, not as much. But still some. Let me know if you need help, I can help you with pricing and figuring out the closing costs.
0 votes Thank Flag Link Sun Apr 1, 2012
Hi Wilfred,

If you received the first time homebuyer tax credit, the only stipulation was you had to live in the house for 3 years. Please contact me with any other questions.


Jennifer Gordon
HomeStarr Realty
Willow Grove PA
2679813030
0 votes Thank Flag Link Sun Apr 1, 2012
There are no federal government rules and/or regulations that would dictate your ability to buy your current home and purchase a new one. However, there may be tax implications and there may be lending guidelines that will dictate your course of action, i.e. must sell current residence prior to settling on the new one. Good hunting!
0 votes Thank Flag Link Sun Apr 1, 2012
Hello Wilfred,

Not sure of your question. The governement does not have rules regarding buying and selling a house. Are you referring to government rules regarding a tax credit, or are you referring to mortgage guidelines for getting a new mortgage.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Sun Apr 1, 2012
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