Home Buying in 78216>Question Details

Shaunreedie, Home Buyer in 78216

I am buying a home for the first time, closing date is 12/21/09. The sellers want to do a temporary lease-back while their house is being built. Will?

Asked by Shaunreedie, 78216 Sun Nov 22, 2009

I still get the 8000 tax credit if I don't occupy the house until February 2010?

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Derek Joyner’s answer
I think your tax question is answered. However, I would worry about the sellers doing a lease-back. There are alot of grey areas that frankly most people do not think about and paperwork usually never covers. You would be amazed at how many people take care of something when they own it and than trash it when it is not theres. Also in a lease-back where the occupants were the owner's. It is usually worse. The owner's now have a land lord so to speak. This usually does not do well when just recently they had no one to tell them what to do. I am very against a lease-back. I know it is on our contracts and the option is there. Many people will also tell you they had great success doing it. I have also heard of horror stories and since there is so much grey area with this it is usually hard for the buyer to think of every think needed in a contract to cover themselves. So buyer's have bought a home in good shape and by the time they actually get it, well it's went to pot and there is nothing you can do because it was not in the contract. And you think well Ill just think of everything. You would be amazed at what you would not think of. Crazy stuff like "no swine on the property". People do not want to tear up there yard and now it's not there's anymore and they wake up one morning and say I want a cow, and I want it to be like a dog. Live in the house and use the bathroom in the yard. Some people are crazy and you sometimes do not see it until it is to late. Sorry for my crazy example. I promise I am not one of those crazy people. At least, I don't think I am one of them. LOL
0 votes Thank Flag Link Tue Dec 1, 2009
Hi Shaunreedie,

I would just like to add, the Tax Credit of up to $8,000 has been extended through June 30th, 2010, also the extension also opens up opportunities for others who are not buying a home for the first time.

Check the web reference below to learn more, and put your mind at ease.

All the best,

Randy Pereira
Realtor / Relocation Specialist
Century 21 United - Northside

"Trust 2 Buy, Trust 2 Sell"
0 votes Thank Flag Link Tue Dec 1, 2009
Occupancy is required to be the "intent" to occupy the home as your primary residence; a delay in taking possession, such as your describing, will make no difference. However! Be sure to coordinate with your tax preparer carefully because you may run into some red tape challenges if you are not using the new home address when you file.
0 votes Thank Flag Link Sun Nov 22, 2009
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