Want an $8000 Tax Credit? Buy a Brooklyn Home for Sale Now
Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy a Brooklyn home for sale and receive an often badly needed $8,000 on their tax return.
Brooklyn Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.
If you’re hoping to buy a Brooklyn home for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:
- Two dates are crucial. You must sign a contract before April 30. The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
- Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
- Taxes must be mailed in. Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
- Documentation is truly priceless. Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.
You still have until April 30 to sign a contract on a Brooklyn home for sale to get the tax credit. Today’s real estate market is beneficial for buyers. Put it to work for you!
If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at (718) 253-9600 ext 206 or email me at [email protected] so we can beat the deadlines.
Tags: brooklyn homes for sale
[…] extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many Brooklyn home sales. The government has handed out a large amount […]
I am impressed with all this useful information. Was WAY more than I expected. I just cannot keep up with your posts. So much information to read about.
[…] The extension of the homebuyer’s tax credit, as well as the expansion to include upgrade homebuyers, has a lot of people looking for their dream home. Many are looking for that dream home in the listings for Brooklyn foreclosures. Why? […]
Nice finding here… wasnt’ aware of that a blog on this topic existed, thanks admin.
Thank you guys, I love this place the information your information about Brooklyn Real Estate is amazing , you have put a lot of work into it as I see, awesome… good work