Home Buyer Tax Credit

By
Education & Training with Sell Fast Realty

Proposed Home Buyers Tax Credit

As part of the President's economic stimulus plan, there is a proposed change in the $8,000 tax credit that was passed by Congress last summer as a part of the Housing Recovery Act, giving first time home buyers a $8,000 credit that would require that the tax credit be repaid over 15 years. Basically a no-interest loan.  Unfortunately, it did not seem to have much impact on the housing market.  However, the new stimulus bill which was approved by the Senate this week would allow a tax credit of 10% of the value of new or existing residences, up to a $15,000 limit. Congress still needs to vote on it in the next 10 days though.  

New Stimulus Plan - Will It Help to Jump Start Florida Home Sales?

We expect some version of this bill to pass so it's good news for the Florida real estate market and the rest of the nation.  Hopefully this will get the economy and home market jump started again.

Today's Real Estate Market Strategies

If you are thinking of buying and flipping, or buying, fixing and flipping this proposed new stimulus plan could help you because it will help to increase the number of home buyers to buy your property.  My proven realestate junkie strategies on flipping in today's market have been helping my students tremendously right now. If you are going to use this strategy, then you have to be able to identify the right discounted properties or you will be sitting with the property for a very long time. You also need to know how to market the properties to sell quickly and for the highest amount and how to make sure you always have your pool of buyers lined up.  If you bought a rehab property and are going to flip it, then you want to line up buyers/investors who are rehab specialists. You do not want to offer them a bad deal, because you will need these buyers again when another opportunity comes up, and you do not want to jeopardize your reputation with them.    

If you are going to fix and flip, then my proven rehabbing strategies will be invaluable to you.  Right now you should be compiling a list of vendors to help you with your rehabbing so you are ready to go and know upfront what your rehab costs are going to be even before you make your offer. Marketing the properties is important as well.  With my proven strategies, you will not only learn the best ways to market rehabbed properties, but also the best places to advertise them.

Short Sale Strategies

For instance, if you are entertaining the thought of buying a short sale, my short sale course will give you a road map on how to find and negotiate your short sale property.  Since a majority of the properties on the market right now are either short sale or REO's, it is important to understand how the short sale process works. You will be provided with the necessary documents to submit to the seller and the seller's lender as well as negotiating strategies and tactics to convince the seller and their lender why a short sale is the best solution for each of them.   As part of the course, you will also learn how to apply my proven short sale negotiating strategies to deals where there is not only a first lender, but also a second lender. I just closed a deal similar to that.  While it was a little more difficult, it's not impossible if you apply my techniques.    

For more information on investment opportunities in Florida, please contact me at www.RealEstateJunkie.com, and send me an email to schedule an appointment.  For more information on my seminars and coaching programs, you can also visit my website at www.RealEstateJunkie.com.

Posted by

Kimberlee Frank

 

 

Comments (4)

Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

The short sales are becoming the other alternative to sto the influx of  foreclosures.

Feb 18, 2009 11:32 PM
David Phelps
The Roofing Company, Inc. - Portsmouth, VA

I think the Credit to New Home Buyers is a plus, but a general home buyer tax credit would have helped more as Flippers and Investment Buyers would have more incentive.

Feb 18, 2009 11:36 PM
Pamela STETSON
Berkshire Hathaway HomeServices Abbott Realtors - Mahwah, NJ
I would love to help you buy or sell your home!

Hello...both of these were changed in the new package and the credit amount is now $ 8000. Those who already used the $7500 loan do not qualify for the $8000 credit. For more info --- see www.WhiteHouse.gov . Thanks for your post, I hope this helps.

Feb 19, 2009 12:15 AM
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Kimberlee - I was hoping to see the home buyer credit include all buyers.  The first-time home buyer credit will help for those who qualify but it does limit the population of people it will benefit. 

Feb 21, 2009 12:04 AM

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