new tax credit

Up to 180,000 Homebuyers May Lose Tax Credit if Not Extended

June 29th, 2010

Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 -- and not by any fault of those buyers. NAR reports that in Maryland, that number is around 2,630 homebuyers. This is due to waiting on short sales, foreclosures, or lender delays, none of which these [...]

Tax Credit Not Extended

June 25th, 2010

The tax credit extension bill did not pass in the Senate today. Those qualifying buyers who wish to receive the credit MUST close by next Wednesday, June 30, 2010.

Tax Credit Contract Deadline Passed

May 1st, 2010

The tax credit contract deadline passed last night at midnight, so buyers who may have qualified yet were unable to get a legally binding contract in place are no longer able to get the credit, even if they settle by June 30, 2010. Though I did see an increase in the Baltimore real estate market [...]

Tax Credit Ending Questions and Concerns

April 28th, 2010

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 [...]

Homebuyer Tax Credit Expires April 30

April 19th, 2010

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 [...]

Baltimore Real Estate Market Third Week of February 2010

February 21st, 2010

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 Claiming Tax Credit Cannot E-File

January 29th, 2010

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 [...]

Update on Questions on Homebuyer Tax Credit for Married Couples

January 11th, 2010

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 [...]

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