It’s not insider information to know that the meetings have a reputation for lasting longer than an over priced listing in a market fat with Sandpoint homes for sale.

I just know that a letter delivered by the pony express completed it’s route in less time than a council meeting.  Seems like gridlock is everywhere these days.

All I wanted to do was talk to a couple of the “green” builders that were present.

The talk in the parking lot was mostly about the first time homebuyers tax credit instead of the usual discussion about Sandpoint foreclosures.

The deadline to use the First Time Homebuyers $8,000 Tax Credit is 30 November 2009.  You will have to hustle to get a home under contract by mid-October.

Experts estimate 25% of homes purchased in 2009 were accomplished by first time buyers using the tax credit and taking advantage of the large, low priced inventory.

“It’s terrible policy” … “it’s horrible policy” … it is a positive policy? Who is arguing and why?  If you are considering making an offer on Sandpoint Real Estate and using the credit — you need to hurry.

With all the homes on the Sandpoint foreclosures list in 2009 there is a number of vacant homes for sale.   Halloween will be a bit scarier for families with an October or December auction date.

I saw the update for Sandpoint Idaho foreclosures and the data is never fully current.   Yet the numbers are still high and alarming.

Especially with the ARMs (Adjustable Rate Mortgages) about to reset which many analysts predict will cause more Sandpoint foreclosures.

The debate of the true value of the $8,000 tax credit will continue after the deadline.   Did we pay a king’s ransom to people that would have purchased the home anyway?

Do you have questions about Sandpoint foreclosures, the $8,000 tax credit for 1st time home buyers or assistance with your buying and selling strategies?

This event reminds us once again how much we share as a community and how important it is that come together during a time when most families are struggling with financial issues.

There is some good news coming our way in the next few days and we will have to wait and see if it becomes a reality.

The first-time home buyer tax credit of up to $8,000 has helped to move inventory and now legislators and business leaders want to build on that success by expanding the program.

Several bills have been introduced in the House and Senate proposing some significant changes.

Four of the big ones are

1) Establishing a new cap of $15,000

2) Extending the tax break into mid 2010  (it’s due to expire December 1, 2009)

3) Allow all home buyers to use this tool and not just first-time buyers and

4) Offering a separate tax credit to $3,000 for borrowers who refinance their mortgage loan.

Check back or email me to find out the latest

Yes, if you know where to look. The best deals right now are in land destined for developments that never materialized and in pre-foreclosures.    A recent case in point.  A developer had purchased a large block of land with a house on it.   Work was started on the lot improvements and the work took so long that the economy shifted and the banks stopped lending.   The developer just let the house go for a song to keep up the payments on the rest of the property.

Most Sandpoint foreclosures and pre-foreclosures never make it into the Multiple Listing Service (MLS), and this is a perfect example.

On a side note,

A couple visited with me yesterday and said they were excited about being able to write off interest and expenses again their income and since they are first time homebuyers they said they would take advantage of the $8,000 tax credit offered by the federal government.

I went over the potential taxes they may have to pay, what they could deduct and referred them great local CPA to ensure they knew exactly where they stood.

Out of state home buyers have special needs.  They may have specialized questions beyond Sandpoint real estate.  Do you have questions?   Ask Ray.