Any realtors or mortgage brokers have any advice?

[L8 Braker]

Or anyone else for that matter

Anyone use either of these when buying a home?

--The $8000 "loaner" when buying a house?
--Do you have to give the 8K back?
--Can you use the 8K for a down payment?

--What is a quick sale?
--If you bought your house in a quick sale, are you happy with the process?

[goof2]

I'm not a realtor, but have been looking at houses.

I don't know anything about a quick sale other than realtors put it in listings to indicate a motivated buyer. If it is a different process I am not aware of it.

The $8k is a tax credit from the federal government. As I understand it if you buy a house and if you qualify as a first time home buyer you claim a tax credit the next time you file your tax return that gives you 10% of the purchase price of the home back with a max limit of $8k. The program originally started last year and at that time it was a no interest loan. Changes were made so now as long as you own the home for (I believe) three years without selling it the money is yours to keep. The money cannot be used for a down payment as you do not get it until after you have closed.

There are more details at the website below.

http://www.federalhousingtaxcredit.com/2009/index.html

[L8 Braker]

Originally Posted by goof2

There are more details at the website below.

http://www.federalhousingtaxcredit.com/2009/index.html

That's a great link...Thanks

[smileyman]

Quick sale or short sale? Short sale is where a homeowner is in trouble and the bank has agreed to take less than the mortgage payoff to unload the property. As far as I know no sale is realliy quick, just some sellers are more motivated than others. Once you have a contract they all pretty much take the same time...

[shmike]

Originally Posted by smileyman

Quick sale or short sale? Short sale is where a homeowner is in trouble and the bank has agreed to take less than the mortgage payoff to unload the property. As far as I know no sale is realliy quick, just some sellers are more motivated than others. Once you have a contract they all pretty much take the same time...

A heads up on short sales:

Just because a homeowner has their house listed as a short sale does not mean the bank has accepted or will accept the offer.

Usually, a contract must be signed by the buyer & the seller before it even goes to the bank. THEN the bank will review the file (this process can take days, weeks or months) and decide if they are willing to do a short sale and how much they are willing to lose.

It is a MUCH longer process than an arms-length transaction.

[RACER X]

if i recall correctly, for 2009 the $8000 is now basically FREE, no payback, buyers in '08 got shafted that we have to repay the $7500

and it's a tax credit for your taxes you pay for '09, filing in 2010