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Barbara, Home Buyer in San Francisco, CA

I've been a part time (12 hrs./wk.-no summers or benefits) credentialed adult ESL teacher

Asked by Barbara, San Francisco, CA Fri May 30, 2008

for four years in the public school system in the San Francisco Bay Area and have never bought any property. I recently came into an inheritance of one fifth of a triplex assessed at a little over one million dollars. There is the option to receive monthly rental payments or liquidate. The other owners favor receiving monthly payments, but I'm concerned that if I do, I can not longer claim first time owner status. My question is this: Would I be considered an owner, and lose my first time owner status whether or not I receive payments or liquidate?

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My thought is that you would still be a first time home buyer....you've still never purchased a home! Your best bet is to speak with a mortgage broker, explain your situation, and let them guide you. I'm a big fan of Linda Grassi in the East Bay. 925-824-4848. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat May 31, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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