The Senate is currently considering a bill that would offer a $7,000 tax credit to those purchasing foreclosure properties. Forbes.com reports:
“Like the House measure, the Senate bill has a standard deduction provision, but it allows businesses to apply their net losses to previous years in which they turned a profit. It gives the Federal Housing Administration (FHA) the ability to insure pricier mortgages, and it provides a $7,000 tax credit to those who buy foreclosed properties.”
If the bill goes through, purchasing a HUD foreclosure property may become even more lucrative for investors.
See Also: Congress Considering $15,000 Rebate Checks for Homebuyers
{ 2 comments… read them below or add one }
It is for owner occupied buyers, but does it apply for people in Pre-Foreclosure who are trying to save their home from the auction block, and not only for REOs (Bank Owned Homes). In otherwords, can my buyers get the credit for helping themselves and the people “IN” Foreclosure being helped by not getting a foreclosure on their record?
Dan the Man!
Is this in effect? for right now? Im in process of getting a foreclosure and a friend of mine brought this to my attention.
Please respond,
Thanks,
Bill