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Spokane First Time Home Buyers Tax credit: " We may never pass this way again..."

There is a good old song that dates me" WE MAY NEVER PASS THIS WAY AGAIN" from the 70's.

If you are even considering taking advantage of the FIRST TIME HOME BUYERS TAX CREDIT, NOW is the time to act.

You are running out of time! 8,000 $ tax credit is something to seriously consider.

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

Here are the FACTS:http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Spokane Real Estate has proven to be quite stable over many years. Interest Rates are very good. Home selection is AMAZING, and Real Estate is an investment you won't regret!

Call me today for your personal no obligation consultation. My services are free to you as a buyer!

BethAnn Long Tomlisnon South Inc. 509-362-4607

BethAnn Long ~ Spokane Realtor, Tomlinson South Inc.

Posted by BethAnn Long, Realtor, e-PRO Spokane Wa Real Estate on 08/28/2009 10:16 PM

Comments (6)

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Originally posted at: Spokane Wa Real Estate Voice : Spokane First Time Home Buyers Tax credit: " We may never pass this way again..."

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6 Comments on Spokane First Time Home Buyers Tax credit: " We may never pass this way again..."

AUG

I think a lot of people will think this credit will be extended.. however, many are saying it is unlikely given that the prior administration grossly underestimated the deficit!

BethAnn, thanks for reminding people! I'd add one additional piece for those first time home buyers that might not understand the process. To qualify for the credit you need to close escrow by December 1. However, an escrow can easily take 30-45 days or longer depending upon the buyer's circumstances, or the loan program they select to use. We were recently notified that USDA is running about 20 business days for their part of the process so those are REALLY long transactions. Point being if you are first time buyer looking to take advantage of this $8,000 gift from Uncle Sam you need to be in contact with BethAnn no later than the first part of October so she can get you in contract on a home in time. That's just barely 4-5 weeks away.

AUG

BethAnn: You are so right. This is no time to dawdle. Time to get OFF the fence, and try with as much effort as possible to find that home. How silly not to take advantage of the $8,000 that your Uncle Sam and Aunt Samantha are trying to give you. Great advice.

I had heard some murmerings a while ago that the tax credit would probably be extended. Haven't heard any more about that lately, have you?

BethAnn, If they do plan on extending the program, I hope they wait to announce it to get more people off the fence to buy now...
I hope your day goes well,
Paul

Joan, Michael, Karen Anne, Janna and Paul :

Thanks for commenting! I guess since we don't KNOW yet if it will be extended, this is URGENT!

Amen!

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