The tax credit will be extended, and opened to existing homeowners that qualify! This is also reported on TV stations in Albequerque....great, exciting news!
Harry Reid's office just confirmed these details:
1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance
[Baucus and tax staff] have agreed to this credit extension and
expansion:
2) For first time homebuyers, the income level to qualify is $
75,000/150,000
3) For step up buyers the income level to qualify is $ 125,000/250,000
4) For step up buyers, they must have been residing in their primary
residence for 5 years
5) The credit is 10% of the sales price, with a maximum of $ 7290.
6) The credit runs from Dec. 1, 2009 to April 30, 2010.
7) For legitimate sales contracts as of April 30, 2010 you have 60
days to close.
8) There is a waiver for military.
9) This will be added to the Unemployment Insurance bill. It will
then go to the House.
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Lina Robertson Jones
Owner/Agent
RE/MAX Solutions
1715 James River Road
Ozark, MO, 65721 |
Mobile: (417) 844-7265
linarobertson@remax.net
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RE/MAX - Outstanding Agents, Outstanding Results!
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About the author: I am full-time REALTOR® with RE/MAX Solutions in Springfield, MO, and a member of the Greater Springfield Board of REALTORS®. I have helped hundreds of families in the Springfield, Nixa, Republic and Ozark real estate markets, whether buying a home, or selling a home. Visit my website at www.ozarks-realestate.com to search for All Springfield MO Area MLS listings. Want to know what our market is like? My website is also an excellent resource for current Springfield MO Area Real Estate Market Reports, as well as current market reports for Ozark, Nixa, Republic, and Rogersville.
Lina, If this is true---hip hip horahhh.....Thank you for the heads up!
Thanks for the update.
We'll see what happens - living here in the shadow of the Capitol I have learned to wait until all the votes are cast.
Michael
I like it as I am in the business but we do need to stop these constance favors. They can become addictive. How about if someone works on jobs and putting people to work. Then the issues will be easier to resolve.
GM will be back for more. Have you noticed how quiet people are about GM's sales. Very Quiet!
At last we have some certainty! The rumors have been floating around for too long.
This is for sure a good thing. Let's celebrate!
I will be relieved when this is finally all signed! Thanks for the update.
Hi Lina, I read yesterday that this was coming down. I think this will help to keep the momentum going on what is happening in our markets.
Incidentally, I looked through some of your blogs and you have some nice photos used. They would look great if enlarged and brightened a bit and that can be done pretty easily.
You are a pretty good writer and I just subscribed to your blog. There are bunches of free or near free resources so I will ask what you would like to accomplish and go from there.
Still a few formalities but my short sale buyers may be sighing in relief here!
I Haven't found the tax credit extension on any web site today. I looked on the Wall Street Journal, NAR's official web site, Denver Post no mention of it be passed yet. Wishful thinking on some peoples part. I don't doubt that some form of extension will be forthcoming soon.
#9 is very important because it has not been extended. Only the Senate has agreed to extend it but that is still far from an extension. As #9 says, it has to go to the House of Representatives and be passed there, and then it has to go to the President's Desk for his signature. I suspect those will happen, but I've also learned not to count my chickens before they hatch.
It's encouraging, and I have a couple of buyers who are extremely hopeful.