I just closed a purchase transaction last week that was a SHORT SALE that was accepted WAY BACK in March. They buyer was hanging there partly because he wanted to get his $8000 tax credit and of course he REALLY liked the house. Amazing how much red tape we had to get through to get this to the closing table. It brought back some memories of the RUSH we all had this past spring to get those offers accepted so home-buyers could still get their $8000. That was busy wasn’t it? Wouldn’t we all like to have a RUSH like that again?
Did you forget about that select group of people who can STILL qualify for that tax benefit? That’s right… Qualified Members of the Military can still receive the $8000 first time home buyer tax credit or $6500 for repeat buyers!!
WHY you say?!
Well… Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas. Don’t you think they should be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country? See below for some of the specifics to the Worker, Homeownership and Business Assistance Act, which was signed into law in November 2009.
- Qualified Service Members are defined as: Members of the uniformed services of the United States military, a member of the Foreign Service or an employee of the intelligence community.
- He or she must have served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010.
- Must sign a binding contract by April 30, 2011 and close no more than 90 days later.
- According to the IRS, only one spouse need be overseas on official extended duty for the requisite time to qualify.
- For most buyers, if the home is sold or otherwise ceases to be used as their principal residence within three years of the initial purchase, the credit must be repaid. But that provision is waived if the house is sold in connection with orders sending the taxpayer to a new duty station at least 50 miles away.
- Claiming the tax credit per IRS guidelines include completing a Form 5405. Instructions to complete the form CLICK HERE.
Why not start your own buyers blitz by not only keeping this TOP OF MIND but actually going back to good old fashioned LEAD GERATION and contacting your current data base and “sphere of influence”?
And hey… how about a “no money down” VA loan to go along with that?
– Steve Brand – NMLS ID # – 261849 – 612.386.5306
The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly to prospective homebuyers by HBM II and its real estate brokers, as part of their ordinary real estate brokerage services. HBM II, Inc. works cooperatively with other real estate agents across the United States in attempting to find ready, willing and able buyers for homes listed for sale. The role of the Preferred Loan Officer is to assist in determining a comfortable home price range for Home Buyers Marketing II, Inc. (HBM II) to use when it is searching for property listings within the buyer’s search criteria.
- Buying While Selling
- Buying beats renting in less than 2 years
- What Does Renewing Your Tabs in MN Have to Do With Buying a Home
- Why a Fed Rate Hike Won’t Affect Mortgage Rates in the Short Term
- Length of Self-Employment Mortgage Guidelines
- Think You’re Buying a Townhome/Rowhouse?….Think Again.
- How Underwriters View Owner Occupied Vs. Non-Owner Occupied Transactions
- A Deeper Examination of Schools Near Your Next Minnesota Home
- How to Refinance Your LLC Properties’ Mortgages into Your Own Name
- Fannie Mae and Freddie Mac Near Deal to Bring Back 3% Down Financing