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Home Buying in 03109 : Real Estate Advice

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Activity 2
Tue Mar 30, 2010
Tony answered:
You can charge if all parties agree to it. But if they are not able to refinance then it will cost you money to evict and you will subsequently lose you leverage. This may not be a position you want to end up in. You may start in the driver's seat but end up in the back seat. ... more
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Sat May 9, 2009
Sheila Barrett answered:
There are other loans beside FHA that qualifies for the credit. As far as the credit you will have to decide how much interest each party owns- a good question to ask yourself is "If you sell it tomorrow how will the money be split between all parties?" Some parents will be put on the loan but if the child sells they will not take any of the profits. Depending on the answer to this question you can decide what percent each person has in the house and if you are the only one that does not qualify for the credit- you deduct your percent from 100%- giving your daughter what percent she owns- based on this- a portion of the credit can be allocated to her. Example if you own 5% and give your daughter 95%- she will receive $7600 (95% of $8000) ... more
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