$8,000 TAX REFUND FOR FIRST TIME HOMEBUYERS
I just wanted to remind you, the $8,000 tax refund for first time homebuyers will be ending 4/30/2010. Your home must be purchased by 4/30/2010, and escrow has to close by 6/30/2010 to get your refund of up to $8,000.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. There are also income limits. Time is running out. The problem is that some escrows take longer to close, like short sales.
As you know most homes are short sales now. That gives you 3 months from today to get your escrow closed.
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th.
Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed). We still have time to find your house but time is running out.
I have experience, successfully buying and selling homes in the Yucaipa market. I know the neighborhoods, schools, market conditions, zoning regulations and local economy. I'll do the leg work, keeping you up-to-date with and conditions as they impact the Yucaipa market.
I'm a full-time real estate agent - anything less and you'd be short changed. I'll use my connections throughout the mortgage industry to get you the best deals possible. You'll be my only client in the real estate transaction. I'll guide you through the complexities of buying and/or selling a house, eliminating hassles and stress.
As a standard business practice I preview homes as they become available, keeping you apprised of market conditions as they evolve. I won't waste your time - when an offer is made, I'll require acceptance or a counter offer within 24 to 48 hours. You'll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.
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