Question on Tax Rebate for Land Contracts and Remodels (sale, fees, accept)

[Philip T]

I am assuming most folks around here are familiar with the Tax Rebate for first time buyers.

sample >>>

Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html - broken link)

Questions I am pondering --

1. If one were to purchase on a Land Contract or what I think is also called Contract for Deed, where a purchase is made by contract, scheduled payments made, but the purchase and full title transfer is not completed until final payment -- does this type purchase meet the requirements for the Tax Credit, if the final payment is made outside of the 1 December, 2009 time limit?

2. If one were to buy a low dollar wreck and make improvements on it, since the Tax Credit also covers newly constructed houses as well as existing, where the purchase is made in the time period, does it also include improvements to an existing house up to the combined total (land + construction) limit of $80,000?


Thanks in advance.

[2bindenver]

no and no

[Philip T]

Originally Posted by 2bindenver

no and no

Bravo on a concise double answer!

Any citation as to where and why? No interest in debating, just seeking to understand.

Accept a modification on Q#2?

#2. If an existing low dollar home were purchased and remodeled/repaired by one party and then re-sold to a second party, before the 1 Dec, 2009 cut-off, could that version of the land+beat down house+remodel = total new price; become a full tax credit action for the second party?

Thanks in advance, again.

[2bindenver]

# 1 is not a sale until all the money is paid and the title is transferred.

# 2 revised could be a tax credit eligible sale to the second buyer, provided the second buyer was a first time home buyer.

[JENNY RAMSEY]

I sold 2 houses on land contract,no downpayment.it has been default from day 1,but i let them always pay late.plus alot of other defaults.for some reason the buyer (wife) just seem to want to cause trouble.i have had enough so i hired a lawyer ,if they would sign the contract back to me i would forgive all back pay,tax,late fees.they wont do it.now they are collecting 600.00 a mo. From the other house i get nothing and my so called lawyer quit.can i get the rent and put it in esrow? And can i take them to court and be my own lawyer?they have not paid in 4 mos.and have got paid the rent.now i can't afford a lawyer.they want me to give them another contract.i need this contract back.the seller has no rights.how do i go to court and be my own lawyer? No one will help me,i don't know how they could win everything is in default.please help can i get a free forclosure form. Thank you,jenny ramsey