OfflineI know that I cant buy a home from close relatives, such as parents, grandparents, children, grandchildren and spouse and receive the FTHBC. My question is, Are there any kind of contracts that would allow me to go thru another party to buy a home that is owned by my parents that would be quick and painless? Has anyone had any experience in doing this?
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Doesn't anyone have any information on how we can get around this slight problem? I would really like to be able to take advantage of the FTHBC before the end of November. But of course I dont want to actually go buy a home to move into. I like living right where I am at. Plus my parents would like for me to "buy" it, to get it out of there names. If anyone has encountered this please let me know how to work the deal.
Thanks,
Brian
Does anyone have a solution or idea about how to work this situation to one's advantage. Is it possible?
Has anyone else done something like this or know how it can be done? Would you basically do a back to back closing? Do both parties have to have the total funds to make the purchase or just closing costs for each?
You can't do what you're trying to do with the FTHBC if you're not going to be actually living in the residence. Maybe someone else knows differently and will chime in. But I believe in order to qualify for the FTHBC you actually have to occupied the residence that you plan on buying as owner occupant because it's reported to IRS.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Thats what I am wanting to do with this house. My parents own it but would like to purchase it from them to get the credit. It can't be done directly. Can someone else buy it and then turn around and sell it to me? What would be the costs in having two sales?
I'm not really sure what your closing cost would be with a double closing. You and whomever would buy it for you and turn around and sell it too you; would have to have everything in agreement which regards to how much you would pay on the receiving in & make sure you whine up getting the property. Where does it say exactly you can't qualify for FTHBC if you're a first time home buyer buying a property from a relative?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
It clearly says in the Pub 17 and anywhere else you read, that you cannot buy from a close relative.