Tag: tax credit

The Tax Credit Extension Has NOT Been Extended

Updated July 1 – Now the bill has passed both the House and the Senate, and is headed for the President’s desk.  Provided you were under contract by April 30th, you would NOW have until September 30th to receive the buyer credit rebate.  Whether you like the credit or not, it looks like it’ll be extended. As far as I can tell, the only people this really helps is buyers who have been waiting on short sales to close.  Short sales often take a notoriously long time to close, and so a buyer who went under contract on, say, March …

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Brandon Nicely Reminds Us – Again – About the First-Time Tax Credit

A question came in for Brandon Nicely on the blog over the weekend from Josh.  He wrote: Q: Brandon, what problems have you seen first-time buyers experience in applying for their tax credit? A: By now, most everyone has seen the basics of the tax credit: Sign a contract by April 31st, and close by July 1st If you haven’t owned a home for the last three years you’re eligible for up to $8000 back, and up to $6500 if you’ve owned your principle residence for 5 out of the last 8 years No repayment necessary if you live in …

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So You Want Free Money in 2010?

The first-time homebuyer credit has been in place since 2009 (I can say that now, it’s 2010) but since the extension in November, it seems there’s still a lot of misinformation out there about the credit.  A few days ago, I talked with a first-time buyer who thought he had to be under contract by December 31 2009. It might be time to back up and recap: A first-time buyer is someone who has not owned a home the past three years.  Married joint filers must BOTH meet the criteria to be eligible. You must be UNDER CONTRACT – that …

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What the Buyer Credit Extension Means for New River Valley Home Sales

The tax credit extension has been signed into law, and now people far and wide are wondering if it’ll create a Monopoly-like run on buying properties and collecting checks. I was thinking today about how the tax credit extension might affect home buyers in the New River Valley, and I’ve come to the conclusion that there really is no clear answer to that.  I know that I’ve worked with a lot of first-time buyers this year, and several of them have said that they would not have purchased if the $8000 was not available to them.  For that reason, I …

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Like It Or Not, The Home Buyer Tax Credit Becomes Law

Well, I’m admittedly many hours late on this, but as of this post it’s being reported that the President has signed H.R. 3548, the bill that deals with, among other things, an extension to the first-time buyer tax credit that was put in place earlier this year. I’m asuming that most people don’t care about the gobbly-goop of the bill, nor do they care about the particulars of the Special Amendment that deals directly with the tax credit extension.  If you do, you can read it in its’ entirety here, and find the Special Amendment here.  For everyone else, here …

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How To Apply For The First-Time Buyer Credit

I had a teacher in high school, Mr. Smith, who had a saying that’s stuck with me.  I remember little from his government and US history class but this phrase: Porkchop porkchop greasy greasy, man that test was easy easy! Why do I remember that?  Who knows.  But it was the first thing I thought of when I found the form first-time buyers need to recoup their tax credit in 2009.  Finally, something government-related is easy – Mr. Smith would be so proud. The first-time buyer credit is set to expire a month from now, assuming the White House doesn’t …

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Senate Close To Extending Tax Credit Deal?

It looks like it, but this has been a very fluid situation over the last few days.  I’ve not posted over the last couple of days about it, because it keeps changing so much that it makes it hard to keep up.  Here’s the latest, as of 1:00pm on Thursday 10/29/09 $8,000 Home Credit Still In Play Extension of home buyers’ credit has wide senate support Obama admin urges Congress extend homebuyer credit Home Buyer Credit Gets New Life Truth of the matter is, no one knows what the final outcome will be, but if I had to bet, the …

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Will They? Won’t They? The White House Offers Little on the First-Time Buyer Credit

The tax credit seems to be all the rage in the real estate world these days, and for good reason … it’s going to expire.  See that ticker on the right side of your screen (if you’re on a mobile phone, apologies – you’ll just have to imagine it) – that ticker is counting down to the expiration date of the first-time buyer credit on November 30th.  Any home buyer, who hasn’t owned a home in the last three years and who close on or before November 30th, is eligible for up to $8000 in tax credits.  Anyone who closes …

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Will The $8000 First-Time Buyer Credit Be Extended?

Get the <a href=”http://www.widgetbox.com/widget/countdown-pro” mce_href=”http://www.widgetbox.com/widget/countdown-pro”>Countdown Creator Pro</a> widget and many other <a href=”http://www.widgetbox.com/” mce_href=”http://www.widgetbox.com/”>great free widgets</a> at <a href=”http://www.widgetbox.com” mce_href=”http://www.widgetbox.com”>Widgetbox</a>! Not seeing a widget? (<a href=”http://docs.widgetbox.com/using-widgets/installing-widgets/why-cant-i-see-my-widget/” mce_href=”http://docs.widgetbox.com/using-widgets/installing-widgets/why-cant-i-see-my-widget/”>More info</a>)As we countdown to the expiration of the $8000 first-time buyer tax credit, the question everyone seems to be asking is “are we going to see the credit again?”  As I was speaking with a seller tonight, it was one of the questions he wanted to ask, and I’d bet at least once a day for the last few weeks has someone stopped me to ask whether I’ve heard that the first-time buyer …

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