$8000 Tax credit and seasoning question

Hey All,
Few questions..
Does anyone know if they are going to extend the date for the 8K tax credit for first time home buyers?
If not, is there a way people can still get it if they close after Nov 30 but before Dec 31?

Are there loans out there that do not require 90 days for the seller to own the house before he can sell it?
If so, what are they?

Reason I'm asking is I have a couple buyers who will be using conventional loans. I intend to buy, fix, and then resell the property to them cheap. They also want there 8k tax credit. I want to help them out and make a good profit.

-Daryl

Edited: 06/26/2010 at 09:52AM

Sheldon Harding

Accountant · Aurora, Colorado

17 posts
1 award
50 influence

Sep 29 '09, 05:39 AM

I just checked my tax news source and see nothing new. The IRS at this link still states that the last day to close is November 30: http://www.irs.gov/newsroom/article/0,,id=213375,00.html
The link helps with some other explanations.

If you have an original closing date set for November 30 that gets delayed, it might be worth pursuing a credit, but the date of sale is public record, so you would need to put some explanation with the return and it would be anything but a sure thing of getting the credit.

I see your delimma with the fix ups, but there is little you can do about that until they qualify for the closing.

Edited: 06/26/2010 at 09:52AM

Daryl A.

Real Estate Investor · Queens, New York

61 posts
2 awards
50 influence

Sep 29 '09, 07:46 AM

Thanks for the info Sheldon.

Let me know if they do extend the deadline because I hear people speaking about it..

Hopefully my buyers can find a loan that does not require seasoning and close quick before the deadline.

-Daryl

Edited: 06/26/2010 at 09:52AM

J Scott

Real Estate Investor · Atlanta, Georgia

Donor Pro

6,628 posts
13 awards
94 influence

Sep 29 '09, 11:37 AM

Other than if they were to pursue FHA loans, you probably won't run into seasoning issues on your sale. Most conventional loans (and VA loans) have no seasoning requirements...

Edited: 06/26/2010 at 09:52AM

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com

Daryl A.

Real Estate Investor · Queens, New York

61 posts
2 awards
50 influence

Sep 30 '09, 06:56 AM

How much down do those loans usually ask for?

-Daryl

Edited: 06/26/2010 at 09:53AM

Matt Mathews

Real Estate Consultant · yucaipa, California

239 posts
1 award
50 influence

Sep 30 '09, 07:10 AM

unless the NAR(national association of Realtors), the Home builder's council pad a few pockets in Washington, I don't think it will get extended. It's already cost twice what was projected. Tax payers are out about $45K per home sold. The Gov. facts show that the majority of buyers in the market would have bought anyway without the Tax Credit. Bottom line is; the program didn't do what it was suppose to do and cost you and me about $15Billion dollars. Let it die!

Edited: 06/26/2010 at 09:53AM

Sheldon Harding

Accountant · Aurora, Colorado

17 posts
1 award
50 influence

Apr 19 '10, 12:09 AM

All the realtors and mortgage persons, no doubt, are all busy right nowshowing buyers how to finish up getting this credit. The buyers should have extended their tax returns, but if they already filed the 2009 return, they can amend it to get the credit now. Let me know if anyone needs assistance with the credit. I'm happy to gain some new contacts even if it is not immediate business. I want to help owners with their real estate and taxes.

Edited: 06/26/2010 at 12:31PM