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Tax credit for buying house in foreclosure? - 4/27/2008 9:20:36 PM
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meg4
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From: North Georgia
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I heard that if you buy a house that is in foreclosure in 2008, the federal government will give you a $7000 tax credit on your 2008 income taxes. Has anyone heard of this, and do you know any details about it? Thanks in advance for any responses.
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RE: Tax credit for buying house in foreclosure? - 4/28/2008 5:56:08 PM
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BlueAdept
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I have heard nothing on this. Where did you get your information?
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RE: Tax credit for buying house in foreclosure? - 4/28/2008 8:44:14 PM
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phosadaud
Posts: 6658
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From: Washington State
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I bought a repo 2 years ago and I got the same benefits as anyone else buying any other home. I suppose there could be some special rule now, but I'd check with a tax accountant first.
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Thousands of years ago, cats were worshipped as Gods. Cats have never forgotten this.
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RE: Tax credit for buying house in foreclosure? - 4/29/2008 5:45:42 AM
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Random
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It is a proposal, it is not law. In other words, it has not passed yet.
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RE: Tax credit for buying house in foreclosure? - 4/29/2008 12:22:01 PM
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meg4
Posts: 225
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From: North Georgia
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Thanks, Random. I did do some research on the internet (a whole 15 minutes probably!), but couldn't find any solid information. Someone had told me that it was a sure thing, but I guess it is not yet.
My daughter and son-in-law have been looking for a house, and one that they really like is in foreclosure. They are trying to decide if they should buy it, and a $7000 rebate would be good thing. But then again, the rebate money has to come from somewhere, so we will just end up paying more taxes eventually to make up for all that the government "gives" us.
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RE: Tax credit for buying house in foreclosure? - 5/11/2008 2:46:12 AM
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crm4souls
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Where did this info come from? I have not heard anything of the sort, but it would be great if it was so. The truth of the matter is the government is boosting the economy with rebate checks and trying to help people from losing there homes. This incentive would not help the banks or the economy. I don't see any truth in this, if there is, please post the article.
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RE: Tax credit for buying house in foreclosure? - 5/12/2008 7:44:33 PM
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relady
Posts: 910
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From: Greater St. Louis Metro
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I just love how the government and lenders act like buying a foreclosure is just like buying any other house. IT ISN"T!! One, the bank is the seller and typically, they won't do any repairs, inspections or other items that need to be done before a home can sell. If it's in an area that requires an occupancy permit and the bank won't do it, it forces buyers to invest $$ in a home that isn't theirs. Buying foreclosures is not for the naive or uneducated buyer. It also isn't for most buyers, especially first time buyers. 88% of all first time buyers (NAR stats) last year used 100% financing. Only about 20% potentially have the money to invest in a house before they can move in. Foreclosures are a special kind of home sale, not for everyone. And I can tell you from first hand experience with these sales.....BANKS are absolutely awful to work with. They will take advantage the the words "buyer beware" have never contained more truth, LOL.
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RE: Tax credit for buying house in foreclosure? - 5/12/2008 8:54:47 PM
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phosadaud
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From: Washington State
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That's why you need a really good real estate agent you trust to walk you through it. My house is a HUD repo and I never would have gotten it (I was a 1st time home buyer) on my own, but my agent was absolutely amazing and I had a loan officer who was amazing and I have no regrets, got a beyond amazing deal and am very happy in my house (after some pretty good sweat equity - but I knew that going into it!). Of course, the seller in my case was HUD, not a bank. There were certainly a few more headaches than buying a regular house, but if you have knowledgeable folks on your side, you can do it!
_____________________________
~Kristin~
If I haven't scared you away, join me here...
Thousands of years ago, cats were worshipped as Gods. Cats have never forgotten this.
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RE: Tax credit for buying house in foreclosure? - 5/13/2008 5:28:10 PM
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relady
Posts: 910
Joined: 4/11/2005
From: Greater St. Louis Metro
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quote:
That's why you need a really good real estate agent you trust to walk you through it. My house is a HUD repo and I never would have gotten it (I was a 1st time home buyer) on my own, but my agent was absolutely amazing and I had a loan officer who was amazing and I have no regrets, got a beyond amazing deal and am very happy in my house (after some pretty good sweat equity - but I knew that going into it!). Of course, the seller in my case was HUD, not a bank. There were certainly a few more headaches than buying a regular house, but if you have knowledgeable folks on your side, you can do it! I am SO happy to hear a success story! For someone who has the know-how for sweat equity, they can indeed be good deals.
I did read an article today that TPTB might be actually looking at putting into tax code a tax break for all home buyers. I could get on board with that, and I'm sure homebuyers could, as well. 
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