UPDATE: signed and passed 2/17 at $8,000. See more details here.
Original post below does not indicate the change to “must not have owned a home during the last 3 years” which was added to the final bill before it was passed.
If you are currently in the process of buying a house, be aware that there is a $15,000 ($8,000) Tax Credit in the new stimulus bill which may, or may not, pass tonight. Then it has to be signed, hopefully by President’s Day they are saying. Then we have to watch the effective date closely “for homes closed on or after ?” Likely that will be on or after the day the bill is signed, which presumably will be some time during the month of February.
Just a day or so ago an RCG reader asked if she could take the old credit on this return, and she bought ONE DAY too early to get the credit! Aaaargh…you don’t want that to be you, especially since this credit in this stimulus package is not a loan and is doubled (as of last night) to $15,000 as it stands right now!
That’s a lot of moolah to forfeit by closing one day too early!
There are a lot of discussions all over the internet, the news and Twitter about the pros and cons of this, but very few warning buyers who are currently in escrow or looking at houses today! Watch this closely, and sellers should be prepared to move the close date a day or two, if needed. NO ONE wants to be responsible for a buyer losing out on a $15,000 (an $8,000) credit!
This is like every SELLER getting a $15,000 (an $8,000) price reduction, complements of Uncle Sam and President Obama! Big NEWS for both buyers AND sellers of homes. Watch the news VERY closely in the coming days.