News About Real Estate
$18,000 in Combined Homebuyer Tax Credits for a Limited Time
March 31, 2010 by Jason DeBord ·
From the California Association of REALTORS®:
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.
Homebuyer Tax Credit Extended Into 2010 – National Association of REALTORS® Guide
November 6, 2009 by Jason DeBord ·
President Obama signed an extension and expansion of the first-time homebuyers tax credit today. Below is a guide prepared by the National Association of REALTORS® which outlines new new laws (click on image for full resolution and printer-friendly in PDF format):
Having developed a "personal approach" to real estate over the past 24 years, Kathie has created a unique way of doing business - treating clients like family. 
Mike DeBord, a Broker Associate for ERA Realty Center, specializes in custom lots and the representation of custom home builders in El Dorado Hills. 
Jason DeBord is a licensed Broker Associate responsible for marketing and business operations as well as helping clients buy and sell homes. 
