Congress just passed yet again another extension to the first time and repeat home buyer tax credits. The tax credits allow up to 8,000 to new home buyers and up to 6,500 to repeat home buyers. The former bill stated that a valid contract must be entered into by
April 30, 2010 and closed on or before June 30, 2010.
The new bill allows for a little breathing room to buyers who are involved with the arduous process of short sales and banked owned foreclosures, there are many of these properties available in today’s market and are offered at a discounted rates which makes them a
desirable. These types of transactions are known to take quite a bit longer than traditional real estate sales transactions to complete.
This new bill allows for all contracts entered into by April 30, 2010 can now be closed on or before September 30, 2010 and still be eligible for the tax credits. The new bill doesn’t grant any new tax credits, it only extends the deadline in which the transaction can be closed.
Home buyers and investors that have been involved in long bank negotiations can still reap the benefits of these generous tax incentives. This extension will allow buyers the opportunity to purchase a home or investment property they may have not been able to otherwise.
If we can help in anyway please don’t hesitate to call.
Yours in Success,
The Florida Future Realty Team