Real Estate Bailout

Good news to first time home buyers! The government recently announced a Real Estate Bailout that offers up to $8,000 tax credit for first time house buyers. This bill is advantageous to newly weds as they were given a chance to have their very own home without the worries of paying a large sum of cash due to taxes. This is also for those individuals who've been renting all their lives and wants to get a house of their own without having to pay so much for taxes. It has been estimated that around 2 million people grabbed this chance and utilized the tax credit by the end of the year 2009. This bill has been approved by the White House under President's Obama so the government can give extra capital to the dying Real Estate industry in an attempt to save it from bankruptcy.

Those who are currently living in their own home for five out of the eight years of permanent residency can also have the chance of getting up to $6,500 Tax Credit from the government. This is the best time for those individuals to buy a better home and take advantage of this offer. I would suggest that anyone who wants to grab this opportunity act immediately as the government announced that there would be no future extensions and that everyone is advised to have a written, binding contract by April of 2010.

Here's a short video of Coldwell Banker, a full-service real estate provider, to help us more understand what the bill is all about.

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