One of the keys to buying a home is getting the buyer to pay just a bit more than they want and for the sellers to come down on the price a tiny bit. When you find an equal footing everyone wins!
Via Sheree Wilkerson (Realty World Alliance):
Yay! You get a tax credit! Good for you!
Really, there's not much to gripe about when it comes to the tax credit. The government handing you a check for buying a house you needed to buy anyway - that's pretty sweet right there!
Here's the kicker - The Sellers KNOW you are getting up to $8,000 free for buying their house and they DON'T get one for selling it to you and buying their next place. Their loss, right? Wrong! Now more than ever, I am seeing sellers who WILL NOT budge. And 9 times out of 10 - the reason comes back as.....
*drum roll please*
"Well, the buyer's getting $8,000 and we're not, so we feel they can use that money to make up the price/closing costs and/or decor/repairs."
Sorry, that sound you hear is me banging my head against a wall.
Here's an idea!
Sellers:
Buyers:
- Just because they're making you an offer on a lower-mid end home does not mean they qualify for the credit. They may have previously owned or be married to someone who previously owned! So don't assume they get $8,000!
- Even if they do qualify for it, that does not mean they have to take it. This is not a forced credit, they have to ask for it!
- This is a tax credit - not a closing credit! They won't get that before closing to use and they won't get it until they file their 2009 taxes, which will be next year!
- And NO, the tax credit does not make your house WORTH $8,000 more! Yes, we had a seller try to do that!
Think this isn't common?
- Realize that you are indeed getting a government boon for buying a house. Maybe not now, but you will get it if you qualify and ask for it. So keep that in mind when eyeballing repairs, updates, and more.
- Know that the seller knows about the credit too and they will use this as leverage if your offer "sucks" in their eyes.
Of the last 5 offers I worked on, 4 of them countered back and cited the First Time Homebuyer Tax Credit as the reason they would not do such-and-such or pay this-and-that.
So keep in mind that you're getting a great tax credit for purchasing -
but watch out for it biting you back in your negotiations!
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