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How do i get my 7500 tax credit

Fran and Mark…, Real Estate Pro in Yardley, PA


Fran and Mark Redding answered:

Can any agent help me to buy a foreclosure, or are there special agents for that? Re: Realty Trac Foreclosu.


There are currently 7 homes in Bensalem for sale under $150,000. Five are bank owned and two are individualy owned. So properties are available. The problem is getting approved for financing and getting approved for a specific property. All of these are being sold "AS IS" with the buyer responsible for the Use and Occupancy certificate.

So to answer you questions.

1. You can get a deal on a foreclosed home. Do no however confuse a foreclosed home with a home in foreclosure.

2 FHA will finance a foreclosed home however the homes condition may make it problematic. Look for a home that qualifies for Home Path financing.

3. If you are under contract by April 30 and close by or before June 30th and otherwise qualify

for a home buyer credit, then you qualify. The fact that you buy a bank owned property does not prohibit you from taking the credit.

4. No the type of house does not matter for the tax credit. You must qualify and the property must be used as your primary residence.

Keep in mind that Foreclosure web sites often liist information from the public record of properties that may be in financial distress. This does not mean that they are for sale or available at the prices indicated. Furthermore many sites ask you to pay for a "list" of available properties. We advise caution when something seems to be to good to be true or when anyone is asking you to pay up front.

If you want any other information do not hesitate to contact us.

Fran and Mark Redding

Prudential Fox Roach

1010 Stony Hill Road


215-321-3307 DIRECT . more

Category: Credit

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