Guest blogger, T Jeremy Loomis, Sales Manager for Wells Fargo Home Mortgage, talks of tax credit ending questions and concerns. Is it time to change how buyers view contract issues with the tax credit ending? Probably… We have seen a market recently that one would call a “buyers market”, where the buyer has more control [...]
The extended homebuyer tax credit deadline expires soon -- next Friday, April 30, 2010 to be exact. So what does this mean? Buyers who qualify and want to take advantage of the homebuyer tax credit need to have a fully executed and agreed contract BY next Friday, and settle by June 30. I expect this [...]
A discussion I have been involved with here in the Baltimore area about the crippling snow and the effect on the Baltimore real estate market has people in the real estate world wondering if the homebuyer tax credit may be extended again. On Monday, the Wall Street Journal wrote an article about the credit, and [...]
As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year. I have seen showings become more frequent in the past week and the excitement over spring's arrival in the next few weeks definitely brings people out to look. [...]
Homebuyers who are claiming either the $6,500 move up credit or the $8,000 First Time Homebuyer Tax Credit cannot file electronically, according to the IRS. One of my past clients let me know of this after she read an article on MSN. (Thank you for the information and link!) The reason for this restriction is [...]
When the Homebuyer Tax Credit was extended to include long-time homeowners buying new houses and getting a $6,500 credit, a whole new group of questions came into play. Unfortunately for a few clients of mine (and I am sure many others out there), the answers were not what they were hoping. One person owns a [...]
I have been receiving more emails and questions regarding the newly expanded homebuyer tax credit, so I wanted to address them and share links to documents from the IRS and the National Association of REALTORS (R) to help hopefully address those questions. 1) Do you need to SELL your current home that you have lived in for five [...]
The big question that I and many others had about the new $6,500 tax credit for current homeowners, is whether buyers with their houses currently under contract would be eligible under the new bill. The answer, according to the National Association of REALTORS (R) is YES! The bill was signed into law today by President [...]
**Update: According to the National Association of REALTORS (R) , the answer to the main question below is YES, buyers settling houses after November 6, 2009, even if under contract before the bill was signed, would qualify for the credit. I still recommend speaking with your tax accounting professional to determine your eligibility and to be certain on [...]