$8,000 Home-Buying Opportunity Soon to Expire!

There’s $8,000 sitting on the table from Uncle Sam, right now, for every first-time home buyer who qualifies. THAT’S FREE MONEY! (Well, sort of. We all end up paying for it, don’t we?)

There’s a CATCH! You have to CLOSE on your purchase before December 1st. No, it doesn’t count if you’re under contract by November 30th. You have to close before December 1, 2009.

In case you’ve been under a rock since New Year’s Day, the government will provide an $8,000 tax credit to folks who are buying a home for the first time (the definition of “first-time” is actually fairly loose). Here are a few of the highlights of the available stimulus offer:
• The $8000 tax credit is available only to first-time home buyers.
• The $8000 tax credit is available only when the first-time home buyer is buying a primary residence.
• The $8000 tax credit is available only to first-time home buyers who are buying a primary residence between January 1, 2009 and December 1, 2009 (provisions expire midnight November 30, 2009).
• The $8000 tax credit does not require repayment.
• The $8000 tax credit is claimed on a tax return and reduces the tax liability. If the credit is more than the tax liability, the unused credit will be issued as a check to the person claiming the credit.
• If you sell the home within 3 years, the entire $8000 tax credit must be repaid.

The Recovery Act’s stimulus credit defines first-time home buyers as a purchaser who has not owned a home in the last three years. That’s a fairly generous way to get folks who have been living in a home for longer than three years to seriously consider moving. Here are the key points in the requirements to qualify for the credit:
• The property sale must close BEFORE December 1, 2009.
• Single buyers with an annual income below $75,000 qualify.
• Couples with income of up to $150,000 may claim the credit.
• Tax credit is equal to 10% of the purchase price, to a maximum of $8000.
• Taxpayer may claim it on their 2008 or 2009 return.
• Taxpayer may file an amended return for 2008 to claim the credit.
• Outstanding tax balances owed to IRS will be deducted from credit.
• This is a true tax credit which does not require repayment.

By all estimates, so far, the Bill has provided a lot of the furious activity we have seen in real estate sales this year. After all, this is supposed to be a “down” market. Our inspection company has seen a steady increase in orders over the last several months in 2009. And, most of the agents whom we talk to are staying unusually busy showing homes.

So, if you are among those folks who think that owning a home is in your future, now might just be a good time to consider buying that home. Uncle Sam wants to help. And we know gobs of professional folks in the real estate industry who are ready and willing to help you find the home of your dreams.

And, as always, we at House Exam Inspection and Consulting stand ready to assist you with your home buying needs, by providing a thorough, detailed inspection and Inspection Report. We’ll tell you what we find that might be of concern. We’ll go over the findings verbally at the end of the inspection and talk to you about how serious anything might be. Then we’ll help you and your Realtor work on a list of repairs you might ask for, even wording to be used, etc. So, join the thousands of our previous Clients who were happy they chose House Exam Inspection and Consulting for their home inspection needs.

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