INCREDIBLE TIMING

The expanded credit for first time homebuyers has certainly paid off for one of my clients today! He purchased a residence in Carmel for $85,000! No, it is not huge but it is in good condition and it is in a great location too! But the details are incredible along with the timing.

He is going to get an $8,000 dollar tax credit on his income tax return due this April! Now, this is dollar per dollar. So, if he owed $8,000 in 2008 and paid $8,000 throughout the year - he will get an $8,000 dollar return!! WOW!! Each transaction is so unique it is hard to tell you all the specifics. But, this is great timing. He bought low and is taking full advantage of the first time homebuyer credit. I have often heard the statement "where's my bailout" from everyday folks like me. However, I can say that I would not have sold the residence today without the stimulus package. I think I found my bailout! For more details on this FIRST TIME HOMEBUYER credit I have found a quick article from the US department of treasury I wanted to share with you.