Tax Credit... Not Tax Loan.

By
Real Estate Agent with RE/MAX Realty Center

$8000.00 Federal tax credit.  If you only owe $2000.00 in taxes at the end of this (2008) and buy a home after Jan. of 2009, you will be eligible for the tax credit of $8000.00 in the form of a Government check , a reduction of the amount of income taxes that you owe, or a combination of the two.  Do we all really understand this?  I suggest that you get on the computer and do as much research on this topic that you can. 

Home prices are at a low point in our economic cycle of ups and downs.  Do you know what this means?  You will never be able to time the market perfectly by design, but right now is an absolutely perfect time to buy that next home.

Now, $8000.00 TAX CREDIT + LOWEST HOME PRICES IN OUR ECONOMIC CYCLE, adds up to the WOW!!! factor.  The same WOW factor that you will see in the face of a home buyer when they find their dream home.

What are you waiting for?  Why haven't you called everyone that you know?  Everyone in your circle of clients, friends and family?  Call your bank and ask for a buyer information seminar.  You co-lead the program.  Offer refreshments.  Don't offer refreshments.  BUT,  DOIT.

After a long career in finance, I KNOW that many, many people may have heard about this but really haven't let it sink in.  Or, they just don't understand it. 

This is the biggest thing to happen to our profession in a very long time. 

Get the word out...  Today.

Good luck to all of us. 

See you at the closing.

Larry Stanul

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Larry Stanul

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Rainer
70,555
real estate real estate
Providence, RI

Larry, honestly, I have not read the fine print of the tax credit. Nice to know this. I will pass this message to people that I know.

Mar 05, 2009 01:04 AM #1
Rainmaker
292,354
Home Loan Search.Online
Home Loan Search Online - Newnan, GA

Larry, it's important to note that the tax credit is $8000 or 10% of the homes value whichever is less. I agree that it could be very helpful for qualified first time home buyers, but I wouldn't want to see a first time homebuyer purchase a 70k foreclosure and expect to get the full $8000 credit.

Mar 05, 2009 01:04 AM #2
Rainer
273,383
Irene Tron
Valparaiso, IN

Thanks for the post.  Great incentive for those first time buyers

Mar 05, 2009 01:18 AM #3
Rainer
16,702
Larry Stanul
RE/MAX Realty Center - Oconomowoc, WI
Larry Stanul

Yes, this is why I asked everyone to go on-line and learn as much as they possibly can about this new tax incentive.  They are also working on a way to allow for the credit/loan given in 2008 to have the same non-repayable status as the one in 2009.  Many things to learn about this stimulus pragram/package.  Also the first time home buyer clause.  3 years out of a home is all it takes.  There are many people that haven't been in a home for over three years.  There is so much opportunity in this market.  We just need to learn it and tell it. 

Thnks for reading and for your comments.

Larry

Mar 05, 2009 01:40 AM #4
Rainer
70,555
real estate real estate
Providence, RI

Darrel, that is actually what I thought 8000 or 10 of home values whichever is less. So Larry is wrong?

Mar 05, 2009 02:28 AM #5
Rainer
16,702
Larry Stanul
RE/MAX Realty Center - Oconomowoc, WI
Larry Stanul

No, the $8000 up to 10% of the homes sale price is the credit.  There is so much to this package, I could have written all of it here if you would like.  This is why I said to do some research and find out just what the bill is saying.  There is a lot involved.  Read it and digest it.  Become an expert in it.  You will be glad that you did. 

Thanks for reading.  Darrel, thanks for your post also.  This is why we write posts.  Makes us read and learn for ourselves.  I appreciate your comments.  Keep them coming.

Larry

Mar 05, 2009 02:34 AM #6
Rainer
40,362
Peter Cannon
New Berlin, WI
NMLSR ID 400610

Larry: the $8000  tax credit is unbelievable. Many buyers I have spoken with recently are looking now because of the credit.

Apr 11, 2009 02:36 AM #7
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