Foreclosure University - Your Online Real Estate Investing Resource » Miscellaneous

Foreclosure University and the Better Business Bureau?

Jarad — Mon, 22 Nov 2010 00:05:55 +0000

Question: Is your company associated with the Better Business Bureau? I am seriously considering getting your program and getting into real estate. I know now is the best time and I am very new to this so I want to make sure I get the very best help and training so I can be sucessful at it.

Answer: -

No we are not listed with the Better Business Bureau… We have mixed feelings about the better business bureau. It’s good in the aspect that it helps consumers determine if a company is good or not, however, the ratings can be bought off. If I have several complaints against my company, all I have to do is pay them large sum of money to get rid of it, therefore manipulating the system. We have a C rating only because we haven’t taken the time to apply for a rating and probably never will. Do we lose sleep over it? No. Does it hurt our business at all? Not that we can tell. Anymore, the Internet is full of complaint boards, ripoff reports and such that you would know if a company is good or not. Just make sure there is a money back guarantee on anything you purchase online and if you don’t like it… get your money back.

We have heard recently from IRS that we may not qualify for the 1st time home buyer’s tax credit because of our past ownership. We foreclosed on our home due to business failure in January 2006. Home went to courthouse auction May 2006. New Home was purchased and closed on Aug 25th 2009. Do we legally Qualify for 1st time Home Buyers Tax Credit?

Jarad — Wed, 11 Nov 2009 00:19:05 +0000

Question: We have heard recently from IRS that we may not qualify for the 1st time Home Buyer’s Tax Credit because of our past ownership. We foreclosed on our home due to business failure in January 2006. Home went to courthouse auction May 2006. New Home was purchased and closed on Aug 25th 2009.

At what point of our Michigan foreclosure process would one be no longer legally be considered a home owner of that foreclosed property? Assuming it would be as of the auction date May 2006 then it would be over 3 years from purchase date of new home. Or is the redemption period included as ownership?
The Question is: Do we legally Qualify for 1st time Home Buyers Tax Credit?
Deborah

Answer: -Yes from what you’ve described, it sounds like you would qualify for the 1st time Home Buyers Tax Credit based on the 3 years of non-homeownership that qualifies a person to receive the tax credit. However, the IRS must be taking into account the redemption period time, which I believe in Michigan is anywhere from 6 months to 1 year depending on the property, after which time you would technically not own the property anymore. There are other “things” that would disqualify you from receiving the 1st time Home Buyer Tax Credit, but if the IRS specifically told you it was because of past ownership, then I can’t think of anything else that would cause your ownership of a home to be less than the 3 years stated. Maybe someone else can shed more light on this…or you can google IRS First-Time Homebuyer Credit Questions…it has a ton of answers there. Good Luck.

I am selling a house with an “as is” clause that will be torn down.

Jarad — Thu, 10 Sep 2009 03:55:58 +0000

Question: I am selling a house with an “as is” clause that will be torn down, the town requires it, we also had a clause that there was no inventory. By this we meant that we could take out whatever we wanted before settlement. We also meant that we could also leave what we did not want. The buyer now wants us to empty the house, however we would like to leave the contents as it will be torn down anyhow.
What do you think ?

Answer: -Well, I’d probably just leave the stuff there too…As long as it didn’t jeopardize the deal going through