A reader writes/asks:
“Can you get the $8000 tax credit for first time home buyers on a contract for deed sale? “
Contract for deed means the buyer allows the seller to retain title of the property (after the purchase) in exchange for a smaller down payment or other concessions. As long as the buyer makes regular payments, all is well but should he or she miss one payment, they risk losing the property since the seller retains title. It’s sort of like paying rent, and having that rent credit your equity.
As far as this new $8000 taxpayer deal, I have to ask the experts for help.
Experts can you please chime in?
