By Sara Huebener
Some popular news is being discussed in the real estate industry these days. Chris Galler, a highly respected former colleague of mine from my days at the REALTOR Association, frequently puts out information to local REALTORS covering timely topics. Here is one that we thought might be of interest to ALL West Savage homeowners:
The First Time Homebuyer Tax Credit is set to expire on November 30 of this year. Right now, the House and the Senate are modifying the tax credit to include the following alterations. Stay posted to our blog where we will be notifying homeowners if and when these changes get approved.
PROPOSED CHANGES INCLUDE:
1. The $8000 First Time Homebuyer Tax Credit would remain in effect for those purchasing their first home.
2. Existing homeowners who have lived in their home for at least 5 years would be eligible for a $6,250 tax credit if they choose to sell their home and purchase another home.
3. The tax credit would be extended from December through April 30, 2010.
4. The tax credit would not have a hard close date like the current tax credit does. Currently, first time buyers must CLOSE on the property on or before November 30, 2009. The new plan would allow first or existing homeowners to secure a purchase agreement by April 30, 2010, allowing 60 days to close on the home after the purchase agreement has been secured.
Again, these details are not yet set in stone and are still moving through the House and Senate. Keep watching www.WestSavageBlog.com for status updates!
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