If your Dear Uncle Sam offered to pay off your car loan to help you purchase a new home... would you do it ?
Well... my dear potential FIRST TIME home buyers... my dear Hurst, Euless and Bedford, Texas buyers... my dear Fort Worth home buyers... and finally... my dear Tarrant County home buyers... that is exactly what... kinda sorta... your dear Uncle Sam (and of course, Aunt Samantha along with him) are offering to do.
Here's how it works.
Unfortunately, there is pressure involved. In order to make this happen... as of right now... just a little after 12 o'clock noon today... Friday, April 9, 2010... you have TWENTY-ONE days to find a home, make an offer, and get that offer accepted by the seller... and then have your Realtor get the paperword to their title company.
Now... you don't have to CLOSE on that home until anywhere between now and June 30, 2010. BUT... you do have to get the contract paperwork done by April 30.
So... here's what you do. Call your Realtor (me, of course, Karen Anne Stone), let's get out and find you a home... one that you want to make your own. Then, we make the offer, get the seller to accept it, and GET THE BALL ROLLING !
So how does the rest of that "pay off my car loan" stuff work ?
It works like this:
By April 30, 2010... you finalize a contract to buy a home.
By June 30, 2010... you close on your home.
Then... take a copy of the closing statement to your tax account. Or, if you do your own taxes, you either fill out your 2010 taxes if you have not yet done that, or you file an AMENDED tax return for 2010.
You provide Uncle Sam with proof that you have closed on your home by June 30, 2010... and then... send in either the tax return, or the amended tax return for 2010.
If you are set to get a refund... you will get THAT refund... PLUS an additional refund of EIGHT THOUSAND DOLLARS.
If you were not going to get a refund, but were going to have to pay some additional taxes... here is an example. IF... you were going to have to PAY Uncle Sam... ummm... let's say you owed him $2,200... and were going to have to send him a check for that amount... $2,200... not only would you NOT have to send in that check... but you would get the amount of $5,800 dollars BACK from Uncle Sam. (That would be the $8,000 less the $2,200 you owed him... or a net back to you of $5,800.)
You would then take that $5,800... or that $8,000 from the first example... and pay off your car, pay off other bills, go out and buy your wife $8,000 in presents... or anything else you might choose to do.
I myself, even though I might like all those presents if I were your wife, or sweetie, or life-partner, or whatever... I myself would rather you paid off that car. But... that is just me.
So... call your Tarrant County, Texas Realtor... your Fort Worth Realtor... your Mid-Cities Realtor NOW... that would be me, Karen Anne Stone, at 817-929-3400... and lets go home shopping.