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$15000 Rebates For Atlanta Home Buyers Proposed!

US Senator Johnny Issacson and former Realtor and owner of the old Northside Realty - commented on a proposed Congressional Bill ( Congress Considers $15,000 Rebate Checks For All Home Buyers! ) As downturns in the economy go, Johnny mentioned this downturn is a more "Significant event" than past downturns, and that something was needed to get it going again. In the Atlanta area we have had more than our fair share of inventory that cannot be absorbed, and a fast rising foreclosure base that keeps building. The estimated cost is about $15 Billion Dollars for the home buyer rebate plan, but it is meant to spur the absorption of vacant homes, and pump liquidity back into the markets. Many of the Republican leaders of the Senate have signed on to the idea, but it still has to be sold to the Democrats. If enacted, this may be a great thing for real estate across the country.

There are currently over 33,018 foreclosures in the Atlanta Metro area, and in 2007, there were 50,271 people foreclosed upon. (RealtyTrac)

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 03/13/2008 12:40 AM

Comments (29)

15000 home buyer rebates congressional bill johnny iassacson home buyers in atlanta us congress housing bill for home buyers foreclosures

Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: $15000 Rebates For Atlanta Home Buyers Proposed!

29 Comments on $15000 Rebates For Atlanta Home Buyers Proposed!

MAR

2008

Wow, that's an incredible incentive....it might almost make me want to buy something there!

Jim- that would be a larger help than $600 I am waiting for. Very interesting news. Thank you.

Hi Jim, thanks for the post. I am sending this out to all potential home buyers. Excellent information.

That will definetly get some liquidity going. Who wouldn't buy with lower prices, great rates, down payment assistance and seller concesions. Then to get a $15,000 check to boot? Great piece of information.

Jim,

Interesting idea...but what's the catch?

Jim this is a great idea! I made a post about this topic myself last week. We need to give the buyers who are sitting on the fence watching and waiting a legitimate reason to get in and buy now.

That is interesting news. Thanks for reporting it, but like Neal said... what's the catch?

Did you read another proposal is to offer cities $4 billion dollars to knock down and rehab foreclosures? Geez, not every foreclosure is inhabitable. Talk about a complete disconnect with their constituents.

Same thing worked in the early 1990s. The tax credit then were $5,000. With inflation, it's about the same amount of incentive.

I believe that DC offers a $5,000 tax credit today.

In 1992, there was another President Bush. Interesting.

Donna Henry I'd want to buy on top of the builders incentives.

Mark Horan P.A. "The Resident Chef" at Keller Williams Yes it does beat the other rebates! Now I hope they say "Cannot combine with other offers, not available in NY, VT...etc!" LOL!

Sonya Rosser I think buyers would like it!

Mark Organek - Tempe Mesa Chandler Gilbert Loan Officer I think it would free things up!

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL The catch? Buy a home NOW! LOL!

Bill Gassett Metrowest Massachusetts Real Estate As far as I am concerned this could be a good reason!

Craig W. Barrett - Hughesville MD Real Estate "Buy a home in America!"

Craig W. Barrett - Hughesville MD Real Estate That is the difference between a Democrat that has never worked a day in his life in private sector and a businessman!

Homefinders, Real Estate in MD & VA, Lenn Harley, Broker, New & Resale Homes The sad reality? They do not know what to do!

This would be a real economic stimulus in your area. I hope it comes to fruitiom.

Would lenders condition a price reduction on the home? That seems to be a very heavy inducement that lenders would want to evaluate.

Tina Maraj Shah Realtor I agree but it will also apply to the entire nation!

Stephen Graham New Homes Georgia - GA A Federal rebate would be paid after you purchased the home. Your negotiations are between buyer and seller.

Jim- I commend Johnny Issacson for trying to come up with a solution, but I don't think he thought this out too well. For truly honest people, this would be great; albeit, the lender might balk at it. However, as good as this rebate seems, it would be ripe for scammers. Those folks would be cooking the books just to close on a house to get to the $15k -- and then walk away from the house.

Regarding the lender, any kind of cash rebate like that, before or after closing, would be deemed an inducement to buy. The buyer is being paid to buy and this would be of a concern to a lender. I just don't see how it would work. Fannie Mae guidelines would condition a price reduction on the home.

Thanks for sharing this information.

Jim I like this idea a lot. It would be nice if people could use it toward their Dp.

Jim, they actually did something like that in DC back in the 90's, and I think it's still in effect. It was a $5,000 federal tax credit. And it worked, having a sort of trickle up effect. This started when Marion Barry was mayor, and people were leaving DC in droves. It helped stem the flow to the suburbs.

Where are they planning to get the $15,000? As a taxpayer, I'm not sure I like this idea. Much as I hope this recession/meltdown/housing crash ends soon, I know there is no free lunch and that it has to come from somewhere!

MAR

2008

Stephen Graham Buyer's Agent - Georgia - GA If anyone could come up with a real estate solution it will be Johnny Issacson! maybe he'll come back with Northside Realty's 10K Program! LOL!

Patricia Kennedy Congress is going to have to act quick! Time has just about run out!

Vicki Lloyd ~ MBA, ACRE, e-PRO, Realtor Lake Forest, California The truth is that no one likes it! The problem is there is no light at the end of the tunnel! What happens if your neighborhood prices drop another 25%...what does that solve?

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