Lately I have been hearing a lot of mis-information about the Governments tax incentives to shop for a home.
Everything from "how long will it take to the check to urge here" to "I heard I don't really have to measure there".
I was showing a home to a lady and her son when she posed this query to me, "if we write a contract on this house, how long can it take the check to arrive." After all I asked what check, and he or she said the govt checks. I explained to her the reality and sent her to the official website. (I do not suppose she believed me.)
Apparently she had been talking to a true estate agent who let her understand that if she bought a house from him the Government was visiting send her a check. A check she may cash, deposit in an account or no matter she wanted. A check for $8000.
She was shocked after I told her that wasn't the case and looked at me like I did not know what I used to be talking about. True story. She ended up not buying as she was relying on that money to help. Or maybe she just was upset with me and went somewhere else.
Another one was an honest mistake that might have been a disaster.
Sitting in a seminar not purposely eavesdropping. I overheard someone tell somebody else that you just had to live in the house when you get it to get the tax credit. True enough. What followed was you'll move out straight away and turn it into a rental so long as you own it for three years. Not true.
The somebody doing the telling was a Realtor. Perhaps it wasn't my business. Perhaps it was, being a Realtor myself. I interjected and set the facts out. No, you have got to measure there for three years and if you progress out before then the cash needs to be paid back.
Imagine if this person had suffered with a deal thinking that the case. That he may move out instantly and make the house a rental.
Whether by purposeful dishonesty or honest mistake either situation might have had grave consequences for the buyer. It is imperative that a skilled, in no matter field, apprehend the facts.
Another misconception I run into repeatedly is that people are being told that there is an $8000 tax credit for first time home buyers. While this is often true somewhat, the other factor is "or ten% of the acquisition worth up to $8000"" that typically gets left out.
Several times I have been approached by 1st time consumers wanting to shop for a fixer higher for, say $30,000, figuring on an further $8000 around tax time to help in the restoration.
What do suppose happens when these sorts of deals bear and therefore the client finds out when the fact. The Realtor is long gone, he doesn't care. There is generally nothing in writing saying the Realtor created these statements. There is nobody to sue. The customer is simply left with a dangerous taste within the mouth and a bad perspective towards assets people.
What it does is provide us a bad name, a bad reputation. So yes, it is my business, and I can continue to make it my business to line the record straight whenever I buy the chance. Our reputation, our ethics and morality and our sense of right is the foremost vital factor we tend to have.
Author Resource:
Carey Howard has been writing articles online for nearly 2 years now. Not only does this author specialize in Ethics, you can also check out his latest website about:
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