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Home Buyer Tax Credit Extended Until April, 2010

Category: Recent Articles

Published: Thursday, December 10, 2009

The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. While first time home buyers still can claim $8,000 of tax credit, existing home owners can claim $6,500 if they sell their home and repurchase another primary residence. This extra tax credit might persuade some sellers to let go of their homes even if they have seen some price depreciation in recent months.

By buying their new home at a foreclosed home auction, they can more than recoup their investment on their existing home, and claim a $6,500 tax credit in the process! Like the initial home buyer tax credit, there are some strings attached:

Income limits are $125,000 for individuals and $225,000 for couples

Buyers who claim the tax credit must remain in their homes for 3 years or they have to repay the tax credit

Investor owned properties are precluded from participating

This means traditional home buyers have a leg up on investors who look to the real estate auctions and foreclosures listings for great bargains. With fewer tax credits available, investors are sure to pull back, if even slightly, from the market at this time. Lenders will also be looking at available equity, and potential income increases from the tax credits, when underwriting loans. Primary residence buyers will have an advantage there as well.

Foreclosures Market Shifting From Listings to Auctions

The Southern California foreclosures market is shifting from one where agent listings comprised the bulk of all real estate sales to one where foreclosures are declining, particularly in the agent listing marketplace. While lenders still have significant numbers of foreclosures on their books, they are rethinking how they dispose of them, and using agents less than in previous quarters. As a result, buyers can expect to see even more foreclosed home auctions than ever before. If you have been thinking about selling your existing home and moving up to something better, now might be the best time for you to consider buying your next primary residence at home auction. You will get a terrific price on your new home, and claim a $6,500 tax credit on the sale of your existing home. Talk to your tax professional today to find out how you can benefit from buying a foreclosed home at auction.
Other Recent Articles
57,000 Foreclosures Remain in California – Lenders Scheduling More Home Auctions

Category: Recent Articles

Published: Thursday, December 03, 2009

The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time.

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Southern California Foreclosures Still the Bulk of Home Sales

Category: Recent Articles

Published: Friday, November 27, 2009

Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties.

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Lenders Using Foreclosed Home Auctions As Top Selling Tool

Category: Auction Notes

Published: Monday, October 12, 2009

Foreclosed home auctions are becoming the hottest place to buy Southern California foreclosures, as banks are stepping back from multiple offers and finding the ease of real estate auctions more to their liking. Homeauctionexpo.com points out the benefits of shopping the foreclosures auctions.

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Foreclosed Home Auctions Perfect for Buying Vacation Property

Category: Auction Notes

Published: Wednesday, September 23, 2009

Foreclosed home auctions are not just for buyers looking for single family homes or investment property. Many smart buyers are finding real estate auctions are the perfect place to find affordable luxury when it comes to buying a second home or vacation destination. The team homeauctionexpo.com explains where the bargains are.

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How to Weigh Fix Up Costs At Foreclosed Home Auctions

Category: Auction Notes

Published: Wednesday, September 16, 2009

Foreclosed home auctions often list houses in need of more than just a little TLC. The experts at homeauctionexpo.com explain how to tell if a house is worth the minimum auction price and where to turn for help when making the decision to buy bank homes at auction.

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Foreclosed Home Auctions Remain Popular Despite Fewer Foreclosures

Category: Auction Notes

Published: Thursday, September 10, 2009

August foreclosures have slowed and buyers are finding increased competition for Southern California bank homes on the open market. Lenders are turning to foreclosed home auctions increasingly as a way to drop hundreds of properties from their real estate owned portfolios, without having to respond to buyers’ requests for home improvement. The team at homeauctionexpo.com explains why auctions remain so popular.

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Interest Rates Affect Foreclosure Auctions

Category: Auction Notes

Published: Tuesday, September 08, 2009

Buyers at foreclosed home auctions have the choice of all cash purchases or auction approved lender financing. The experts at homeauctionexpo.com report on today’s interest rates for buyers looking for foreclosure bargains at real estate auctions.

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Real Estate Auctions Becoming Top Choice to Sell Foreclosures

Category: Auction Notes

Published: Thursday, August 27, 2009

Real estate auctions are no longer the sales venue of last resort among foreclosed homes, with real estate agents and sellers alike suggesting up front an auction might net the fastest sale. The team at homeauctionexpo.com explains why auctions are becoming more popular when it comes to selling Southern California bank homes.

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