$7,000 tax credit for buying a foreclosure
A Senate bill in Washington aimed at helping Americans through the sub prime mortgage crisis may include funding of up
to $4 billion dollars to support a temporary $7,000 tax credit for people buying new homes or properties in foreclosure.
Ohio Senators Sherrod Brown and Sen. George Voinovich each have their own questions and concerns about the bill and its impacts on both Ohio residents and lending institutions reports the Dayton Daily News.
If you could claim a $7,000 tax credit for buying aq foreclosed house would you? Is it enough to get you to look exclusively at foreclosed properties? Our thoughts are that after the credit crisis and the lending practices get resolved these proactive measures will bolster the real estate market by removing some of the excess inventory. The long term consequences of this act could benefit millions of Americans and many here in Cincinnati. This will have impacts on the large lending as well, helping them to liquidate these properties and get back to what they do best – working with money not managing empty houses.
Comments
Heather Seitz
May 16th, 2008Heather Seitz…
In case you have emergencies, try not to use the money that you have the cash upfront or will bank financing be necessary? Location is another very important factor to consider when buying a government foreclosure home. If you don’…
Real Estate Taxi (110 comments.)
Jun 30th, 2009If money is provided to someone interested in improving the home, and therefore the neighborhoods value, its a good thing.