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Lake Wales, Florida Real Estate

Foreclosure Tax Credit

Looking for a great deal on a foreclosure?  Well now is the time to begin your search.  The market is being saturated with foreclosures in Florida.  Currently, Florida is the second in the nation for foreclosures.  The senate is on board to help with this matter.  In April, the Senate passed The Foreclosure Preventions Act of 2008.  This bill includes a $7,000 tax credit for the purchase of foreclosed properties.  This credit should be divided equally over two years following the purchase.  This credit is only available, if the property will be used as the buyer’s primary residence.  This bill has already been approved by the House and Senate and will soon go to the President for final approval. 

June 16, 2008 Posted by Carrie Cornelius | Real Estate | | No Comments Yet