A good Nite

M

MAINIAC XV

The Eco Man
Just put another 1st time home buyer under contract on a home and I am sure they will enjoy their $8,000 cash. Just sent out listing papers on 50 surveyed acres of pasture land in North Berwick. May under contracts jumped 8% higher over April. The highest increase in 8 years. If things continue to pick up I am going to start modding
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What area to you cover? All over ME & NH? And do you help with selling and buying? Also if someone inherited a house but has never "bought" a house would they qualify for 1st time buyer? And the $8,000 is this paid back over time? Thanks-Tim

 
What area to you cover? All over ME & NH? And do you help with selling and buying? Also if someone inherited a house but has never "bought" a house would they qualify for 1st time buyer? And the $8,000 is this paid back over time? Thanks-Tim
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I cover York , Oxford & Cumberland counties and represent buyers & sellers. I`ll have an answer for you tomorrow on that question.

 
I know someone in this same situation, inheriting a house is not covered under this plan, neither is buying a house from a direct relative. Also the 8k never has to be paid back. It is a one time tax credit with a "refundable" clause, meaning it is first credited to any taxes you owe and then they cut you a check for the difference or a check for the full amount if you don't owe any taxes/are entitled to a refund.

For more info http://www.federalhousingtaxcredit.com/

 
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I know someone in this same situation, inheriting a house is not covered under this plan, neither is buying a house from a direct relative. Also the 8k never has to be paid back. It is a one time tax credit with a "refundable" clause, meaning it is first credited to any taxes you owe and then they cut you a check for the difference or a check for the full amount if you don't owe any taxes/are entitled to a refund.
For more info http://www.federalhousingtaxcredit.com/
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Thanks man.

 
An inheritance doesn`t qualify for this plan. If you buy from a parent or son-daughter you do not qualify. If you buy from a brother or sister than you qualify.

 
An inheritance doesn`t qualify for this plan. If you buy from a parent or son-daughter you do not qualify. If you buy from a brother or sister than you qualify.
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If you are already living in the house inherited, and have been for me 7 years/ her all her life and we wanted to sell the place we are living in now (inherited) and bought a new place we/someone found for us. Then would it qualify? (Sorry I should have worded it differently.
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If you are already living in the house inherited, and have been for me 7 years/ her all her life and we wanted to sell the place we are living in now (inherited) and bought a new place we/someone found for us. Then would it qualify? (Sorry I should have worded it differently.
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I think I found my answer:

2. What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

Thanks for helping out Rob. And it's not like the tax credit was a make or break with us selling, we are still talking. So if you have time at some point I'll prob. give you a call/pm. Now can you check over our house and tell us what IYHO what we should do or not do before we try and sell (exp. we have a 2nd bath that has not been finish ad so on) Thanks again.-Tim

 
Nice to see signs of the economy starting to move in a positive direction.
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Let the money trickle down like rain:D

 
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