2012-02-23T12:01:23Z http://blog.houston-rates.com/comments/atom.aspx Quick Blogcast tag:blog.houston-rates.com,2009-10-28:2527479 John Roberts http://www.houstonmortgageplus.com/ 2009-10-28T19:05:17Z 2009-10-28T19:05:17Z John,<BR> <BR>That is very good information, you have a great name in the Houston market as a lender. tag:blog.houston-rates.com,2009-10-08:2483086 John http://www.fha.com 2009-10-08T23:24:21Z 2009-10-08T23:24:21Z Now is the time to buy a home, rates are a all time low, and new homes are at a rocket bottom price. tag:blog.houston-rates.com,2009-09-22:2446014 John Oliveira http://www.houston-rates.com 2009-09-22T16:09:16Z 2009-09-22T16:09:16Z I have studied this quite extensively &amp; have talked to my lawyer and accountant all about it. I am getting ready to convert all my lease options tenant-buyers to Contract for Deed / Owner Financing. The $8,000 tax credit can only be applied on a house when the buyer gets a HUD statement. If you sell your house with Owner Financing / Contract for Deed / Land Contract, you can get the tax credit money as part of the Buyer's down payment. The new buyer doesn't even have to pay it back.<BR> <BR>This is what you do...<BR> <BR>1) Find a investor friendly Title Company that will do Contract for Deeds. <BR>2) Make sure the new Buyer doesn't owe any taxes for 2007<BR>3) Make sure the Buyer has not owned a home in the last 3 years.<BR>4) Make sure the Buyer understands that all the money has to go towards the down payment or you won't help them do this deal.<BR>5) Close at the Title Co with "Owner Financing" through a Contract for Deed / Land Contract<BR>6) Send the Buyer to your Tax Accountant with the new HUD statement and their 2007 tax returns.<BR>7) Have your Tax Accountant file a 2007 Amended Tax Return and the form for the tax credit. It could take 6-8 weeks to get the money.<BR>8) IMPORTANT - You don't want the IRS to send a check to the Buyer in 8 weeks and then have them forget all about you. They could cash the check and you wouldn't know about it until it was too late.<BR>9) Get the check sent to you or to your Accountant. Do two change of addressees - 1) from the Buyer's old house to you or your Accountant &amp; 2) another change of address for after you get the check, changing the address to the new home.<BR>10) Take the check to the Buyer and make them co-sign over to you so you can deposit it.