I have heard about the tax credit for current home owners who buy a new house. However, my wife and I are thinking of buying a new house, moving into it and making it our primary residence and then offering our current residence as a rental property. Do you need to sell your current primary residence in order to take advantage of the tax credit? Any sort of online reference for your answer would be greatly appreciated. Thanks!

You CAN rent your former home.

Here are the guidelines: http://www.federalhousingtaxcredit.com/faq2.php

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

Good luck.

I am currently selling my house due to divorce. I own land outright worth 65,000 that I want to build on. I have 180,000 cash for a down payment on a construction loan so I only need to borrow 40,000. SInce I already have a mortgage attached to my name (the place I am selling) would I be able to get another mortgage for this 40,000? I want to start building right away because costs are low now.

I am not a Mortgage expert but i work for a company who advises people, does the mortgage packaging etc etc. From my experience i am sure you are allowed to have more than one mortgage in your name because a number of people get several mortgages on lots of houses and then rent them. We help people in our company do that so i am assuming that you would be able to.

If i quick claim deed an investment house to my son how fast can he resell it? We have a buyer and need to turn it fast so he can buy a house with the cash. There is no mortgage on the property and will sell for $30.000. Does he have to register the deed and wait or can he resell it with another quick claim deed? Also if it is a gift he should not have to show it as an income or should we make a loan contract with him to pay us back?

Ok here is how it works:
The type of deed your son gets from you is important as to what type of warranty he will be able to grant to the party who he will sell to or better yet what kind of warranty the buyer will require, a Quit claim deed merely grants any title you "may" have "if any" and it does not carry any warranties with it. In most cases a buyer and or lender will require that you provide them with a warranty deed which carries warranty protections against adverse claims on the property. If he gets a Quit Claim from you, you are off the hook but he now is faced with trying to guarantee a title. Usually to avoid being entangled in any potential legal claim against the property the buyer and or the seller get title insurance protecting them from adverse claims. Once your son receives the deed from you and the deed is recorded he has the right to convey the property to another.
As to the gift and tax issues you need to check here
IRS: Selling your Home Publication: http://www.irs.gov/publications/p523/index.html and http://www.irs.gov/publications/p523/ar02.html
IRS: Home Sale Exclusion rules, publication: http://www.irs.gov/newsroom/article/0,,id=105042,00.html
IRS: Estate and Gift Taxes:

http://www.irs.gov/businesses/small/article/0,,id=98968,00.html

IRS: Tax information when buying a home: http://www.irs.gov/publications/p530/ix01.html
IRS: Deductible costs when purchasing real property:

http://www.irs.gov/publications/p551/ar02.html#d0e2000

IRS: 3.6 Itemized Deductions/Standard Deductions: 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses): http://www.irs.gov/faqs/faq3-6.html
As to creating an instrument from your son to you, you might want to create a real estate/land contract however if you’re son does not create the same thing when he sells to another then you will be paid off at closing when he sells even if the instrument is a note and mortgage instead of a real estate/land contract.
Buena Suerte

Peter Schiff video blog Oct 27th 2009 Also check me out on
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I know you have to list all the current problems (that you know about) when you decide to sell. My main concern is this – about a month ago we found mold on the windows and on my daughter’s wall (which is plaster) caused by where the water had ran down the window. We cleaned it up with bleach and turned off the humifieder (which we believe caused 90% of this problem (it was turned up too high and leaking in the basement) – the other 10% is that the caulking is bad on the outside of the storm window). As I’ve said, it’s been a month and the mold still has yet to return. Is this something that has to be disclosed and if so – if there a way to do this in a positive manner without losing the value on the house?

(For the record, this is not the reason for selling. We have two kids (7 yrs apart) and this is only a 2 BR home so we want something bigger.)
Judith S,

I apologize if I gave you the impression that I wasn’t going to fixing the caulking on the windows. Along with cleaning out the gutters, that is priority as soon as it warms up here.

We have painted the wall with Kilz 2 and are in the process of repainting her room. Yes, it was only in the one room (with the exception of the windows – which was caused by condensation build up while they were covered with plastic which has since been removed.

It sounds like this minor situation in a localized area need not be revealed.
Congrats on your ethics.

I just want any advice on this. I am looking to try to sell my house in the next year or so. I know its not a sellers time right now.

It’s not a scam just normally not a good deal for the seller. On the norm these companies buy for around 80% of the tax appraisal value or at max of the fair market value, so unless you just need out of the house now, it may not be your best option

I would like to know of any store that you order computer hardware/ parts/ accesories from that has reeeeeeeeeeeally good prices, good quality brand names, and that is in the US and around California. The site i use right now is http://www.newegg.com/, and i have heard of Tigerdirect .com or something like that. DDR2 memory i have noticed had went up to around $20 in http://www.newegg.com/ and it used to be around $18.99. All the stores that i used to just goto sells then if i get lucky starting at $30-$36. I don’t have much money, and i really want a better video card and 2GB more of RAM. Just to let you know im running on Windows Vista Home Premium, Intel Core 2 Duo, 2GB of RAM right now, a decent video card, and a 320 GB SATA 7200 RPM HD. Any answer will be great thx.

Newegg is a excellent site that has warehouses all over the country.The price of ram fluctuates almost on a daily basis so when you find it at a low price buy.

http://www.pricewatch.com/

http://www.tigerdirect.com/