Scott Carrier's Q&A

I just closed on two homes that were in your situation. Their CPA said that the child only had to be on the loan and that they would qualify for the tax credit. If you want more info about the lender that processed the loan, just let me know. I'm sure he would share the CPA's info with you.

This is a classic supply and demand issue. If there is little supply in the area your looking at, it will most probably be the same when and if you decide to sell. If you like the home and think it's worth it, buy it. Sometimes the seller only accepting the asking price makes the process clean cut! Remember that you're protected by the appraisal and inspections!

It depends on the market value of the home. Sometimes a listing could be priced high or priced to sell quickly. This is when you need to perform a market comparison to see what other properties in the area have sold for. Each area of the city has different list to sales price ratios. Its the average percentage of the asking price that sellers are getting for their homes. During the good times, homes average 97-100% of asking price. Now some areas have seen much less. What area of town is it? What's the condition compared to others in the area? Any special features?

It may be the same as an "option" to purchase. As the party asked, where did you see it?