If you’re excited about this year’s rebate checks, you’re going to love this. Congress is currently considering a $15,000 rebate to every new home buyer. The idea, proposed by Sen. Johnny Isakson, is designed to stem the tide of foreclosures and promote a healthy real estate market. WSOCTV in Atlanta reports:
“Congressional budget analysts project the program would cost $14 billion over the next few years. But Isakson said the rebate checks are well worth the hefty price tag. “If we can convince buyers to come back to the marketplace and buy these houses, then the houses aren’t vacant. It’s replaced by an owner-occupant, who is there making payments on a loan and helping all of the other houses around.”Senate Republican leaders have signed on to the rebate check idea. But they have to corral support from Democrats.”
A bill has already been developed that will award a $15,000 tax credit to people purchasing foreclosure properties. The Security Against Foreclosures and Education (SAFE) Act was introduced by Senator Kit Bond earlier this month. Here’s what it promises:
“Tax Credits of $15,000 for Purchase of Homes in Foreclosure - $15,000 tax credit for the purchase of a home in or approaching foreclosure. The home purchase must occur within one year.”
A $15,000 rebate would definately make it easier for many to afford a home. In the coming months, we will certainly find out whether or not these bills have enough popularity with Congress.
See Also: HUD Foreclosure Guide
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You have got to be kidding, right? How about the tax paying individuals that didn’t get suckered into buying things that were out of our price range? How about those of us that were smart enough to save money?
If the gov’t starts handing out $15,000 checks (of MY TAX MONEY), I sure as hell had better get a couple of them for myself.
AlanC
I think it’s a good idea, but real estate agents should notm be included in the program. To get ruid of all the excess houses on the market would help us all out. This would also promote growth. Also I think that the states should help out by cancelling gas tax for the summer, so people can afford to drive to their vacation spots this summer. This would also help everyone. Thanks Denny
I pay a lot in taxes every year and I hate the idea of the government giving away my money as well. But let’s face it, if somebody doesn’t do something we are going down with the ship. Besides the money would just be spent in other ways. Why not keep it at home. Keep in mind those people that lose their jobs as a result of this economic crisis will be competing for yours. This is much bigger than the government giving away your money.
NO Alan, the rebate is for people who are purchasing someone elses home that is in forclosure.
THIS IS THE FIRST I HAVE HEARD OF THIS REBATE. DID THE BILL PASS? I PURCHASED A BANK OWNED HOME IN MARCH DOES THIS QUALIFY? WHERE CAN I GET MORE INFORMATION?
Alan,
I can see where youre coming from. I know every homeowner out there right now is saying “this isnt fair, wheres my money for being responsible??” I purchased a foreclosure house this year, January 21st to be exact. With ther economy in the tubes, I was VERY hesitant to purchase, as i could take the easy and safe way out, and just stay in my apartment. But, I took the risk. I decided that it was better for me to take a risk and try and improve the country situation, than sit on my bum and watch it all go down the tubes. A lot of the foreclosure houses out there need work, hence the $15k can be justified. Either the govenrment can hand out $15k to homeowners that will fix it up, or pay $150-$200k to the banks and buy it out…. only for the home to fall apart, and reduce home values in its immediate area.
So in all, I think its a good idea. It turns the home debt over to the people, and the government only has to shell out $15k.