OK, now lets discuss why NOW is a serious time to AT LEAST Consider buying Orlando Real Estate. Now those who know me, should know that I do not pressure anyone into rushing into a contract to purchase real estate, and I actually stress that I do not like shot gun offers. (This is a term I have coined for on the spot offers that fail to be backed up by thorough research)
In the most recent past, there was a $7500 tax benefit, that was actually a tax free loan that was to be paid back over the next 15 years……. well that is no more, and now you get the “up to” $8000 tax benefit.
Back to my point… Many have heard about the first time buyers program that is available now. Hopefully you have heard it is now worth up to $8000 as a tax benefit above and beyond your normal or anticipated annual tax benefits. This means if you normally receive $1000 every year as a tax return, then it is quite possible you could receive $9000 or possibly more. (your tax professional should be consulted, and will quite likely agree with me)
How is the benefit determined:
I found it best described by an attorney here: http://Lawyers.comRefundable First-time Home Buyer Credit.
Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers.
The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009.
Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold.
The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return).
The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase. This proposal is estimated to cost $6.638 billion over 10 years.
I hope this clears up some of the confusion out there, and helps express, why for those of you sitting on the sidelines waiting for a good deal… stop waiting around. Give me a call and I will gladly explain why waiting for the bottom will only cause you to miss the boat.
So if you are interested in getting started in the search for a home, let me throw this shameless plug:
I specialize in Orlando Real Estate and foreclosure negotiations meaning if there is a reasonable deal to be made I can assist you.
I welcome you to visit my Avalon Park Real Estate page or my Waterford Lakes Real Estate page. Both of these pages have easy access to search for Avalon Park Foreclosures and Waterford Lakes Foreclosures by a quick click of a button. Yes it can be that easy to get in on the hunt! Also for those people looking for UCF Foreclosures I have created a custom page that searches a 2.5 mile radius around UCF and showed just foreclosures & bank owned homes. You can also find pages like this as well as many other Central Florida Communities Foreclosures and Bank owned homes by visiting my Orlando Foreclosure List.
As always, if you have any questions please give me a call at (407) 282-4525 or you may visit my website for Orlando Real Estate. Or if you DARE… you may post your questions here for all to see, and I will gladly do what I can to answer them in a timely manner
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