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tax credit: Can I still get a tax credit with seller financing? - 11/29/09 02:22 PM
Question:Can a buyer claim the first-time homebuyer tax credit if buyer purchases using seller financing?
Answer:Yes. So long as the buyer obtains the "benefits and burdens" of ownership of the property, then the buyer can claim the credit. This is true even if the seller retains legal title as seller would if the financing document used was a real estate contract instead of a note with deed of trust. Factors that indicate that a buyer has the "benefits and burdens" of ownership include:...
...The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association … (0 comments)
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tax credit: What if my sale is closing late? Can I still receive a tax credit? - 11/29/09 02:21 PM
Question:First time tax credit buyer entered a purchase agreement several weeks ago, intending to close by November 30 to take advantage of the first tax credit program. Closing will not happen by November 30, but should happen in December. Do buyer and seller need to rewrite their purchase agreement to reflect a different date or do anything else to allow buyer to take advantage of the extended tax credit program?
...The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline. For additional questions or information, please contact Jen at (206) … (2 comments)
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tax credit: It's Official! Tax Credit & more... - 11/08/09 11:04 AM
It's official!
Our voices in the real estate industry have been heard and we have reason to celebrate!...
Not only was the $8,000 first time home buyer tax credit extended, we also have a NEW $6,500 tax credit for homeowner who have been in their homes for a consecutive 5 of the last 8 years....
Both of our tax credits will be available through June 30, 2010, but you'll need to plan ahead. In order to qualify for the new tax credits, both buyers will need to be under contract no later than April 30, 2010 and have the sale closed … (2 comments)
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tax credit: First-time home buyers face deadline. - 10/11/09 01:43 PM
Thursday, September 10, 2009, 11:19am PDT
First-time home buyers face deadline
Puget Sound Business Journal (Seattle) - by Jeff Clabaugh Washington, D.C. Business Journal
The government's first time homebuyer $8,000 tax credit has helped stimulate home sales, but buyers still hoping to take advantage of it will have to beat the clock.
The tax credit expires Nov. 30, giving buyers about 12 weeks to find, contract and settle on their purchase....
"... first-time homebuyers starting today can close on time and quality for the $8,000 federal tax credit,"...
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Thought this was interesting & want to continue reading? The rest of this … (1 comments)
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Jen Hudson - Stanwood, Camano & Arlington,WA
Stanwood,
WA
More about me…
Windermere Real Estate/M2, LLC
Address: 95020 19th Ave, Everett, WA, 98208
Office Phone: (360) 652-1200
Cell Phone: (206) 293-1005
Email Me
What you should know about real estate in Stanwood, Arlington & Camano Island, WA. And, maybe some other tips too.
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