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Seller Tax Credit...time to Act!

By
Managing Real Estate Broker with Flexit Realty "Flexible Home Selling Solutions"

Most sellers know by now they may qualify for a tax credit as a buyer when they sell without being a first time buyer. 

If you have owned your current residence for eight years, lived in your home five out of the last eight years you too can get a buyers tax credit up to $6500.00.

You have to have your home under contract on or before April 30th and close, have a purchase agreement and close the home you are purchasing within 60 days after the April 30th contract deadline.  The trick is your purchase must be under contract as well, by Arpril 30th .  Many are missing this crutial little detail. 

Time is running out so if you really want to take advantage of the market, get the home of your dreams and get a tax credit for buying at the same time you have to act. 

You might review your price on your home...it's not selling for a couple of reasons.  If you and your agent are confident it isn't your marketing plan, condition or location...then it is your price.

Simply price your home to sell and take advantage of other homes in your neighborhood to sell faster. 

If you are thinking of selling and do not have an agent give me a call or email me for a personal property price review.  We'll design a selling program together that meets your needs and get you into the home you want with a tax credit too!

 

Thanks for following my blog.

 

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 Live in Grand Rapids or West Michigan area, not under contract?  Like to sell or buy a home....give me a call.  It could save you thousands in your next real estate transaction.  Always confidential, Never Pressured.

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Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Gary, I agree with your encouragement to buy.  I'm not sure many buyers are considering that the home in contract by April 30 MUST CLOSE.  I don't know of an allowance to consider a 2nd contract after April 30.  It would be wise to target homes that don't have title and condition issues. Or work on closing before April 30 to insure capturing the Tax Credit.

Steve

Jan 17, 2010 06:32 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Steve, no doubt the choice of home will certainly impact the closing time required.  The short sale homes may not be an option as the deadline nears.  Thanks for the comments Steve.

Jan 17, 2010 06:54 AM