Home Selling in Fayetteville>Question Details

iobrien01, Both Buyer and Seller in Fayetteville, NC

I purchased my home two years ago using the First Time Home buyers credit. My Realtor at the time did not explain to me that there was a three year

Asked by iobrien01, Fayetteville, NC Sat Jun 2, 2012

requirement before I could sell the home again. Is there any way that I can sell early without being required to pay all $8,000 dollars? I am not leaving the city, just looking to grow my family and would like a larger home. Any input would be appreciated!

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I would contact a CPA or real estate attorney before moving forward. Realtors are not supposed to give legal or advise a person on tax related issues. I know this does not answer your question but our job sometimes is to direct you in the right direction.. Good luck. Sona Harrison Coldwell Banker Real Estate 910-964-7768
1 vote Thank Flag Link Sat Jun 2, 2012
I am not sure whay you are blaming your REALTOR. Your LENDER is responsible for how you finance your home. You need to go back to your lender and ask him or her what happened?
Please with all due respect, go back to your lender. Look at your HUD when you closed the home, you signed it at closing, which means you are responsible for the kind of loan and how it went down.
REALTORS do not sign HUDS.
0 votes Thank Flag Link Sun Oct 21, 2012
I agree with Donna, you need to consult with a CPA or tax consultant. If you bought the home on a VA loan and have not lived there but a few years you need to make sure you are not upside down on your loan. Good luclk
0 votes Thank Flag Link Mon Sep 10, 2012
Moving up is always very exciting! But beyond the tax question, as really you need to speak to your CPA about the issue, I am concerned that you may not have been in the home long enough to sell the property without having to pay to get out of the house. I would start there...get a CMA (comparable market analysis) done to see where you are for selling your home. You may find that there is more than one reason to wait a bit to move up. Hope this helps!!
0 votes Thank Flag Link Sun Sep 9, 2012
There are exceptions to the 3-year rule. If you are being moved on military orders, it is my understanding the three-year requirement does not apply. However, you are advised to consult a CPA or tax professional as a Real Estate Agent is NOT qualified to answer this question.
0 votes Thank Flag Link Sat Sep 8, 2012
While you might find an exception by talking to a CPA, I just had a sale last month with the same situation, and we learned that we had to wait for the time limit to expire. I can refer you out to that CPA who can also show you the documentation for that requirement.
0 votes Thank Flag Link Sat Jun 2, 2012
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