# Who is looking for a home (ex: first time home buyer) **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [July 28, 2009, 7:52am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211 "2009-07-28T07:52:34Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [July 28, 2009, 7:52am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/1 "2009-07-28T07:52:34Z")
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: ---
**Author:** ![tpgsr](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tpgsr/32/7374_2.png) [@tpgsr](https://forums.speedlife.net/u/tpgsr)\ **Post date:** [July 28, 2009, 7:58am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/2 "2009-07-28T07:58:12Z")
Your Realtor is stupid if they told you that the most you can get is 4k. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 28, 2009, 7:58am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/3 "2009-07-28T07:58:15Z")
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. ---
**Author:** ![Geoff](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geoff/32/6104_2.png) [@Geoff](https://forums.speedlife.net/u/Geoff)\ **Post date:** [July 28, 2009, 8:01am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/4 "2009-07-28T08:01:13Z")
![http://mocoloco.com/archives/open_face_house2_jul_04.jpg](http://mocoloco.com/archives/open_face_house2_jul_04.jpg) ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 28, 2009, 8:03am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/5 "2009-07-28T08:03:32Z")
:bigblap: ---
**Author:** ![tpgsr](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tpgsr/32/7374_2.png) [@tpgsr](https://forums.speedlife.net/u/tpgsr)\ **Post date:** [July 28, 2009, 8:04am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/6 "2009-07-28T08:04:52Z")
Geoff… I am impressed. You have outdone yourself! You may now have your title revoked. What would you like it changed to? ---
**Author:** ![Pauly](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/pauly/32/7493_2.png) [@Pauly](https://forums.speedlife.net/u/Pauly)\ **Post date:** [July 28, 2009, 8:22am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/7 "2009-07-28T08:22:46Z")
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 ---
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [July 28, 2009, 8:31am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/8 "2009-07-28T08:31:05Z")
> [@tpgsr](#): > > Your Realtor is stupid if they told you that the most you can get is 4k. 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? ---
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [July 28, 2009, 8:32am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/9 "2009-07-28T08:32:15Z")
> [@Geoff](#): > > ![http://mocoloco.com/archives/open_face_house2_jul_04.jpg](http://mocoloco.com/archives/open_face_house2_jul_04.jpg) Wow, does the garage look like that too? It would be awesome for my car to come out of a mouth. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 28, 2009, 8:39am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/10 "2009-07-28T08:39:12Z")
> **[f5405.pdf](https://www.irs.gov/pub/irs-pdf/f5405.pdf)** > > 69.70 KB Whoever told you you only get half if its a double is wrong. Nothing on the form asking that. ---
**Author:** ![Afrank45](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/afrank45/32/5021_2.png) [@Afrank45](https://forums.speedlife.net/u/Afrank45)\ **Post date:** [July 28, 2009, 8:45am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/11 "2009-07-28T08:45:56Z")
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 ---
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [July 28, 2009, 8:49am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/12 "2009-07-28T08:49:32Z")
Wow, thanks for that information. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [July 28, 2009, 8:51am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/13 "2009-07-28T08:51:29Z")
I’m gettin my $8k gonna head to hnr block to ammend my return soon ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [July 28, 2009, 8:54am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/14 "2009-07-28T08:54:11Z")
I already have my 8k… ---
**Author:** ![dubbin91](https://avatars.discourse-cdn.com/v4/letter/d/ecccb3/32.png) [@dubbin91](https://forums.speedlife.net/u/dubbin91)\ **Post date:** [July 28, 2009, 9:01am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/15 "2009-07-28T09:01:11Z")
Please tell me you are not buying a house just to get the stimulus… ---
**Author:** ![SHOtime](https://avatars.discourse-cdn.com/v4/letter/s/8e8cbc/32.png) [@SHOtime](https://forums.speedlife.net/u/SHOtime)\ **Post date:** [July 28, 2009, 9:12am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/16 "2009-07-28T09:12:28Z")
> [@Joe](#): > > [http://www.irs.gov/pub/irs-pdf/f5405.pdf](http://www.irs.gov/pub/irs-pdf/f5405.pdf) > Whoever told you you only get half if its a double is wrong. Nothing on the form asking that. 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. ---
**Author:** ![almostBrett](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/almostbrett/32/5249_2.png) [@almostBrett](https://forums.speedlife.net/u/almostBrett)\ **Post date:** [July 28, 2009, 9:12am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/17 "2009-07-28T09:12:56Z")
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 ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [July 28, 2009, 9:51am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/18 "2009-07-28T09:51:00Z")
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. This gig goes until October? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 28, 2009, 9:52am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/19 "2009-07-28T09:52:40Z")
I think it has to be 3 years since you’ve owned a house, not just 3 years since you’ve bought one. Living in it now makes you ineligible. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [July 28, 2009, 9:57am UTC](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211/20 "2009-07-28T09:57:18Z")
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. [Next page](https://forums.speedlife.net/t/who-is-looking-for-a-home-ex-first-time-home-buyer/71211.md?page=2)