Uncle is looking to buy his first house, they'll only take cash, will he qualify for the first time home buyer credit? or does a loan have to be taken out?
No requirement for a mortgage, however deals after Dec 1 2009 must be documented via a settlement statement to be submitted with your tax return for the new $6500 or $8000 credits, so no more "I deed my house to you" deals.....
sc300tt said: Uncle is looking to buy his first house, they'll only take cash, will he qualify for the first time home buyer credit? or does a loan have to be taken out?
"they'll only take cash".. Over 99% of all sellers only take CASH!
There is no such thing as a cash only transaction. Your uncle can get a mortgage. The mortgage company cuts him a check. Check can be made into cash, so wtf is the seller talking about.
edit: Unless you mean your suppose to show up with a suitcase full of money so he can run to vegas.
chris58950
Member
posted: Nov. 6, 2009 @ 9:10a
mewannaxbox said: There is no such thing as a cash only transaction. Your uncle can get a mortgage. The mortgage company cuts him a check. Check can be made into cash, so wtf is the seller talking about.
edit: Unless you mean your suppose to show up with a suitcase full of money so he can run to vegas.
Sure there is! Sellers can sell to whom ever they want and the bank owned properties will prefer a cash buyer any day.
expoguide said: Actually you should buy all dollar coins from the US Mint and earn your CC rewards
http://www.fatwallet.com/forums/finance/837472 Be sure to stuff them into canvas bags with dollar signs on them. Then when you show up to sign the paperwork, sign everything "S. McDuck".
zmmnj said: If he is looking NOW, don't bother if he qualifies or not, because it's already too late.Why? Because you think he won't be able to close by June 30, 2010?
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