Get Smart

If it costs a billion dollars a month, creates 4 year old fraudsters, is so easy to deceive that over 50 IRS employees did, then you know that Congress has no choice but to extend and expand it, right?

Sandpoint homes for sale that appear on the Sandpoint foreclosures list may benefit from the renewed and expanded first and not-first time homebuyers tax credit.

The Senators say it’s a done deal.    They have talked it to death but now all the fence sitters have come to an agreement. 

It still has to get signed off in the House and Senate but lawmakers expect to have President Obama’s signature by tomorrow night or beginning of next week.

Here’s what it will do:

1.  Extend the $8,000 tax credit until 30 April 2010.

2.  Add a separate $6,500 credit for other not first-time homebuyers.

3.  The $6,500 credit for primary residences only.

4.  Raises the ceiling on qualifying income.

5.  New limit for single taxpayers to be $125,000

6.  New limit for joint taxpayers to be $225,000

7.  Buyers must have sales agreements in hand by April 30, 2010.

8.  Buyers will have until June 30 to go to settlement. (60 Days)

Sales took a dive as the clock was running out on the current first time homebuyer tax credit.

This costly program riddled with fraud will continue.   By 2012 we may look back and say it was worth the expense.

The cost has been about one billion dollars per month.

Do you have questions about the Sandpoint foreclosures scene?  Do you want to know how to use the first time homebuyers tax credit to purchase a home on the Sandpoint foreclosures list?

Are you a seller with a home on the Sandpoint foreclosures list that wants to attract a buyer using the expanded tax credit?

If its time for your confidential conversation about Sandpoint foreclosures you know what to do today.

Probably don’t need the cone of silence or a locked door discussion.   Let’s just meet for a cup of coffee.

Tags: its a done deal, renewed and expanded