I found a beautiful home in Ohio that I would like to buy and my financing is almost in place. I am a first-time buyer, and I can pretty safely say

Asked by Jane, Ohio, IL Mon Jul 12, 2010

that it will be the last home I buy since it is my dream home. I have also found a real estate agent who would like to represent me, but I haven't hired him yet as I wanted to make sure about my financing. In addition, my financing is such that I would be paying for the house in full, if my offer is accepted, no mortgage payments. How would the first-time buyer credit help me, if at all, since I would not have a mortgage? Obviously, you can tell that I am very new at this. Thank you.

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James Gordon…, Agent, Hamilton, OH
Mon Jul 12, 2010
Jane you should sit down and talk with the Realtor® that you are going to work with. You are getting answers from people that you do not know here. That said the tax credit has expired and is of no help to you.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Jul 12, 2010
If you are referring to the Federal first time buyer tax credit--the program is done--in order to have qualified you needed to be in contract by April 30, 2010 and close by June 30, 2010--that June closing date was recently amended to September 30, 2010. See IRS link for additional information. http://www.irs.gov/newsroom/article/0,,id=206293,00.html
For any other credit, consult with your tax professional and or tax attorney.
1 vote
Amy & Dan Sc…, Agent, cleveland, OH
Wed Jul 14, 2010
Hi Jane,

The tax credit expired on April 30th, so this will not affect your upcoming transaction. If you did indeed find a local agent to represent you, I would suggest contacting him as soon as possible to make sure he is able to be part of the transaction. If you have already found your dream home though another agent, your agent may not be honored by the other agent and you may actually not get the representation that you want. Representation, at least here in Ohio is a tricky thing, so for your sake, make sure you get someone to represent your best interests. Good luck.

Web Reference:  http://www.schumanteam.com
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Jul 13, 2010
Do you want to pay too much for your dream home?
Do you want to get the very best deal possible?
Wouldn't it bother you if, after you bought your home, you found another home, close by, that was on the market, but you didn't know about it?

Talk with your Realtor and go through the questions:
Why should I select you to be my Realtor?
What can you do for me that others cannot?
Tell me about how you have helped other people?
May I call them?

A good Realtor will save you time, stress, and money.
0 votes
Maureen Cody, , Charleston, SC
Mon Jul 12, 2010
Dear Jane

A wise buyer puts together a "team" to help and guide through the home buying process.
Part of your team should include:
Realtor, closing attorney, mortgage professional, home inpsector, and insurance agent.

With regard to your question about the first-time buyer credit - you'll want to consult with your mortgage agent, closing attorney and perhaps your tax professional. This team will help you to understand what will be in your best interest. It's possible, that while you might have the cash to pay in full, there might be some advantages tax wise to financed part of it -- tax write offs...etc. By exploring your options with your team of professionals, you'll feel more confident in your decision.

Best Regards,
0 votes
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