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1st Time Homebuyer Tax Credit All Locations : Nationwide Real Estate Advice

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Showing results for 1st Time Homebuyer Tax Credit [Clear search]
Tue Feb 2, 2010
Thom Colby answered:
Tigger,

Ok - a little confusing - are you the Buyer or Seller. There's nothing you can do as a buyer to speed it up. As long as the listing agent is experienced in short sales you should be ok EXCEPT, you said "unknown liens" - what sort of liens? They may stay with the property if they are mechanics liens for example. If they are IRS liens, there will not be relief.

100% of my business is short sales and the ones that do not close are those with more than 2 loans / liens and more than one lender / investor.

If you're expecting the tax credit, your offer would have had to be submitted in December '09 to have enough time to get the approval and close by June.

There's no magic bullet to get it done faster. The worst banks to deal with on short sales in order from worst to better are 1) Bank of America (& old Countrywide); 2) Chase (& old WaMu); 3) HSBC; 4) Aurora; 5) CitiBank
and the best is 6) Wells Fargo

Talk to your agent and good luck !

Thom Colby
Broker / REALTOR
Orange County, CA
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0 votes 14 answers Share Flag
Fri Jan 29, 2010
J. David Lampe answered:
Hi Andrew,

Here is what the IRS says about this -

"Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences."

The IRS has created a Web site to answer questions on the tax credit at http://www.federalhousingtaxcredit.com/home.html

I hope this helps.

Thanks,
David
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0 votes 6 answers Share Flag
Thu Feb 11, 2010
Elaine Mosera answered:
I think you've answered your own question. The spring market is blooming and now is the time to list. Interest rates are low and are slated to tick upward as the year progresses. The tax credit is sparking first time buyers as well as repeat buyers who qualify. If interest rates do increase by as little as one percent, that gives the potential buyers 9-10% less buying power than they have today. It's an excellent time to list!

Want more info? Let me know.

Elaine Mosera
Broker Associate
Weichert Realtors
201-592-1400 ext. 193 office
201-988-0972 Direct
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0 votes 15 answers Share Flag
Tue Jun 28, 2016
Sue Archer Reynolds answered:
If they co-sign, they are added to the mortgage. If you default, for any reason, it would negatively affect their credit score. One other item to consider on that ...the lender considers all parties 100% liable for the loan, so if one person doesn't pay, the other person owes ALL of it, not 50%.

The first time homebuyer credit can be taken by one or all buyers for a total of $8,000. This is a question for a CPA or tax attorney but I believe that you can apply for the whole amount. Call Ed Cook at 705-4958. He'll answer it for you in a flash.

While there are many reasons to buy with your parents, and why not to, there's more to the discussion that what is discussed here. I'd call a reputable lender and get your questions answered. It may be something as simple as opening another credit line, or some other minor thing like that to give you a better position, who knows? Your score is primarily the last two years payment history unless you have some active collections from previous years... You can call Mark Holmes at American Pacific Mortgage and he can help you figure it out. (916) 837-4360.

Good luck!
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0 votes 14 answers Share Flag
Wed Feb 10, 2010
James Hsu answered:
There will still likely be open houses here and there ... there's even open houses on weekdays (saw several signs out yesterday). The best and perhaps safest way to ensure you get to see as many homes as possible is to arrange to have an agent show you what houses you want to look at. This way you are not solely relying on someone hosting an open house while you're here. ... more
0 votes 63 answers Share Flag
Mon Nov 15, 2010
Laura Scaccia answered:
Hi, Polly,

There are several programs that could help you. First - DON'T use an on-line lender! Second - contact a reputable mortgage broker. Depending what towns you are looking in, you could qualify for Rural Housing or NH Housing.

If you need a few names and numbers, please let me know and I'll them right over to you!

I look forward to helping you,

Laura Scaccia
REALTOR
laurascaccia@masiello.com
603-418-3026 - direct
www.masiello.com
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0 votes 33 answers Share Flag
Mon Jan 25, 2010
Don Tepper answered:
Preforeclosure: A house heading into foreclosure. It may be a short sale. Or it just may be where someone has fallen behind on payments due to medical bills, job loss, or a hundred other reasons. There's no simple, clear definition of "preforeclosure," as opposed to "short sale" or "foreclosure." All it means is that if the situation doesn't change, it'll eventually end up in foreclosure.

True Info: You're correct. It can take months and months (I just heard a couple of stories today about short sales that took 6-9 months) for short sales or foreclosures to close. Further--and especially in the case of short sales--there's no assurance that you'll be successful even if you make an offer. I heard a couple examples just today of buyers making offers on short sales and then having the properties foreclosed on just a week or so before the scheduled short sale closing.

So your concern is well-placed. To pursue a short sale or foreclosure at this point is a real gamble. You might succeed. You might not.

Look for homes that aren't REOs or short sales. And, yes, there are some on the market. Look for estate sales, for instance.

Hope that helps.
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0 votes 13 answers Share Flag
Wed Jan 13, 2010
Scott Godzyk answered:
Short sale and fha equals a mess in most cases. First the short sale, it could take 3-6 months for the short sale to be approved, you will want to make sure teh house will pass a fha appraisal.inspection before making an offer. the key is once they accept the short sal, you only have 30 days to close. fha is usually 45 days under the best case. Bets bet is to check with your loan officer and see if they can have everything ready, so that when the short sale is approved, they can close within the 30 days. Most listing agents of short sales wont accept fha fianincing on the offer, some will if everything is in place. So doing a little homework will make the difference in getting your offer accepted andclosed if teh short sale gets the approval. My last advice is asking what stage of approval the short sale is in, has teh seller been approve dto do a short sale, has teh bank assigned a negotiator, and has teh bank ordered teh appraisal/bpo yet. having those completed will save you time and anquish over witing. good luck with yourpurchase. ... more
0 votes 9 answers Share Flag
Thu Feb 4, 2010
Mack McCoy answered:
This is one of the contenders for Best Question Ever, and, of course, there are entire books written on the subject.

But there's reading or hearing about a subject, then there's "knowing" it.

So. Putting aside the obvious (great real estate agent, mortgage broker, home inspector), what's of supreme importance is that YOU start with a very clear picture of WHAT YOU'RE LOOKING FOR IN A HOME!

You have to prioritize. Some things are inflexible - you can't afford more than you can afford, for example. Other things are so offensive that they'd make it not worth buying a home - for some people, it's lack of an ensuite master bath, or a formal dining room, or too much or too little garden space, or too much traffic noise . . . it's good to ask the question, "would I go into debt to live here?!"

You have to be a good communicator. You have to be assertive and clear in your statements, and ask questions until you get a satisfactory answer. And you should be willing to accept, "I don't know, but I will find out," as a satisfactory answer - so long as they find out!

And, it helps if you're a good listener.

Good luck!
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0 votes 6 answers Share Flag
Mon Jan 18, 2010
Richard Lecinski answered:
Well actually this is the second $8000.00 tax credit and it was extended to include others who have owned a home and that credit goes up to$6500.00.
There has been some talk about extended the credit again but as usual where will the money come from. I won't count on it though.
Rich Lecinski
Long Realty
Oro Valley, AZ
520-834-4663
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0 votes 25 answers Share Flag
Tue Jan 12, 2010
Ryan Sherman answered:
It's possible, I'd talk to someone who does FHA loans on a high volume consistent basis for the best answer...best of luck
0 votes 12 answers Share Flag
Tue Jan 3, 2012
Carl Henker answered:
You will need to have your new job in IL before you apply.
0 votes 6 answers Share Flag
Sun May 16, 2010
Anna M Brocco answered:
Speak to your tax consultant for an accurate answer regarding qualifications and IRS codes.

Anna
0 votes 4 answers Share Flag
Fri Jan 8, 2010
Robin Lynch answered:
Hi Brooklynlili,

Here is a link to the homebuyer tax credit and what it allows:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Robin Lynch
Keller Williams Realty Group
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0 votes 2 answers Share Flag
Fri Jan 8, 2010
Voices Member answered:
No.
Where did you hear that and what are you suggesting/thinking it implies?

Could it just be Larger homes might sell a bit more because the continuing Price declines have cause the Prices of them to drop back into a Price range some find acceptable for their Budgets?

Dunes
4 points more towards my
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Fri Nov 5, 2010
Phil Martin answered:
Christy,

This is common place for both FHA and USDA. It requires very close coordination between your mortgage advisor and your real estate agent to ensure that the offer is sufficient to cover all costs, but also does not leave "money on the table". Please call me at 972-768-5664 and I'd be happy to review the process with you.

Phil Martin, Certified Mortgage Advisor
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0 votes 19 answers Share Flag
Wed Jan 6, 2010
Arlynn B. Palmer answered:
Good evening,
I don't know whether the tax credit will be extended past April 2010 - it's really too early to get a handle on what Congress may do, especially since they are very involved with the healthcare bills at this time.

The National Association of Realtors (NAR) just published an article stating that November 2009 saw a 16% drop over October in the sales of existing houses and attributed that fact to the, then, imminent end of the 1st time homebuyer tax credit. Since that credit has been extended, the # of existing home sales has increased once again. NAR is forecasting, at this point, the decrease of home sales if the credit ends as planned, in the spring 2010.

To take advantage of the tax credit (whether a 1st time homebuyer or current home owner) you must have fully executed contracts of sale no later than April 30, 2010 and close on the transaction no later than June 30, 2010. So, this gives you a little leeway since you only have to be "in contract" as of April 30, 2010.

The value of the tax credit is, at most, $8000. Depending on the housing market at the time you are ready and able to buy a home and the agent (if the agent acts as a Buyer Broker and represents YOU, as I would), you may be able to negotiate the $8000 into a reduction in the amount you will pay for the home.

Bottom line is, you want to buy a home when you are ready, willing and able to do so - not on Congress' timetable!

If you have any further questions, about the tax credit or any other real estate matter, or would like to further discuss Buyer Broker Representation, please contact me directly at (516)410-3594 or Arlynn@ArlynnPalmer.com.

In the meantime, please visit my website at www.ArlynnPalmer.com where you can get FREE Buyer Reports, FREE School and Neighborhood Information, my Monthly Newsletter and other valuable real estate information.

Regards and a Happy and Healthy New Year to you and your family,

Arlynn

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
(516)410-3594
Arlynn@ArlynnPalmer.com
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0 votes 2 answers Share Flag
Tue Jun 22, 2010
Jeremy James Jack answered:
Kathy,

When is the best time of the year to buy a home? There are at least two days of the year that give buyers the edge. Would you like to guess which two days are best for buying a home?
Every spring, as tulips struggle to poke through melting snow in the North and rosebuds cautiously open in Southern climes, sure as tootin' real estate signs begin multiplying like bunnies across the country. Soon as the For Sale signs are mounted on the posts, swarms of activity buzz in the streets as sellers, buyers and real estate agents crawl out from wherever they hibernated for the winter to welcome the spring sales season.

There is nothing like a spring real estate market. Offers fly over FAX machines and cell phones ring constantly. Everybody wants a deal, and everybody wants to sell. Typically the marketplace is flooded with inventory. There is more on the market in the spring than any other time of the year.

It's also the worst time to buy a home. Except for one day. There is one day in the spring that a buyer will have the edge against all the other buyers.

The second best day of the year to buy a home is Easter Sunday.

A buyer looking for a fixer on the outskirts of downtown Sacramento lucked out last Easter. A home came on the market at an attractive price. The buyer immediately inspected the home and wrote an offer. Fortunately, the listing agent was also the seller, so it was very easy to present an offer. The offer was signed and accepted on Easter Sunday because there was no competition. Come Monday, offers started rolling in, but it was too late.


•Easter falls sometime between March 22 and April 25.
•It is the first Sunday after the ecclesiastical moon after the vernal equinox.
•The vernal equinox falls on March 20th or 21st, depending on the year.
The first best day of the year to buy a home is Christmas Day.
Almost nobody looks at homes on Christmas Day. But buying on Christmas Day is a smart move. If you scout out the homes on which you'd like to make offers a few days before Christmas, you'll be better positioned. Why is Christmas Day so attractive?

•People are in good moods, celebrating, opening presents, enjoying family.
•People are more inclined to be generous, even if it means coming down on the price. "Hey, it's Christmas, hon; just sign it."
•Few buyers are out looking at homes during Christmas week, so the chance of multiple offers or any competition whatsoever is very low.
•Home prices are at a 12-month low in December.
•If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home. You can bet on it. Better yet, why not write an offer?
Of course, the key is to find a real estate agent who will a) work on Christmas and b) be aggressive enough to worm her way into the seller's home without batting an eyelash.
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0 votes 38 answers Share Flag
Thu Mar 25, 2010
Dan Goodwin answered:
Please send me an email to dangoodwin@kw.com and let me know the best time to call you. I can then help you understand what you can qualify for based on your situation.

dangoodwin@kw.com ... more
0 votes 12 answers Share Flag
Thu Jun 16, 2016
John Bennett answered:
Laura, don't push the limits.

Find you a good Loan broker and plan VERY carefully.

John
0 votes 88 answers Share Flag
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