Just seeing how many people are looking to buy a house before October to receive the stimulus.
I have been looking for a while and I thought I was going to get a house in Kenmore until they took the house off the market because I bid 5k below there counter-offer :banghead:
I am looking for a double and if anybody is getting a double, the maximum amount of money for the stimulus is 4k.
My Realtor told me that it is a selling market now and there will be many bidding wars.
Has anybody else run into a bidding war because I am sure not going to pay more for a house that I can’t afford nor I am being forced to buy a home? I just might forget the 4k and wait until the bidding war is over to pick up a decent property that wasn’t purchased.
Is anybody else going through the same thing or am I talking out of my ass :meh:
There is a bidding war on the lower end right now. $80k to $120k, specifically. The higher end stuff there are still a ton of deals to be had. $300k houses for $200 left and right.
I never heard of that $4k limit for a double, i think that’s wrong…IIRC cougarspeed just got the full 8 buying a double.
Theres a nice fixer upper down the street from me. BIg yard, 2500-3000 sq ft on a corner that was listed aat 190’s he put a for sale by owner sign for 169. could probally get it in the 130’s he’s an older dude but the place needs work
Its not the Realtor, it is the federal government - why should someone who buys a multi-family home get the same benefits as a single family home when the multi-family home will be receiving income from the other tenant?
yea your realtor is dead wrong…my finaces mother tried gettin us to buy a double when we bought our house a few months ago you definetly get the full amount. trust me i just closed last month. the only way your gonna get in a bidding war is if you try to go to low on an offer. make a resonable offer and you shouldnt have any issues. dont let anyone tell you other wise. if you want a new realtor who knows wtf shes doing send me a pm
Although I am not done researching yet, the credit should be based on the adjusted basis of the home (see page 3 of the document you posted where it references seeing Pub. 551). The adjusted basis of a multi-unit would then be the portion you would plan on living in.
Ie. On a $120,000 double. The adjusted basis would be $60,000 and therefore yield a $6,000 FTHB credit.
im closing on my first home this week… so i got an extension on my 08 taxes, to put the eight grand towards them… for once the government is giving me money
I’m thinking about moving. (Not far, just a nicer place in the Amherst/Clarence area.) It’s been over 3 years since I bought my first place so I qualify.
I was going to wait till next year to find a bit nicer of a place, but I’ll hang myself if I buy a house a few months after I could have gotten an $8k tax rebate.
That said, you can still take advantage of this, depending on what your present house is worth. The sub-150k market is very strong, and the 200 to 300k market is very soft. You can pay less for the upgrade and get more for yours.
