Even though the first time home buyer tax credit is gone, you may still get a 3% credit.


Last April the federal government was giving a tax credit incentive to all first time home buyers of up to $8,000 on their home purchase. Even though that program has expired, there is still an opportunity for all home buyers, just not first time buyers to get a credit of up to 3% of the purchase price to be used towards their closing costs and pre-paid items required on a home purchase such as insurance, taxes and mortgage insurance.

Every time I represent a home buyer in the Metro Detroit real estate market, I always try to negotiate in to the contract that the seller will offer a credit, or more commonly known as sellers concessions to the purchaser at closing to help offset some of the typical closing costs. Not all home sellers always understand this concept and it has to be presented in a very careful way to not only the other Realtor, but most importantly the seller. Sometimes if  this is not presented correctly, this can kill negotiations and possibly the entire transaction. That is why it is so important to have a full-time Realtor and even more importantly, an Accredited Buyer Representative (ABR). This is a designation or special training that only 5% of the Realtors in the country have and I am one of those Realtors that makes up the 5%.  For more info and benefits of using an ABR visit http://rebac.net/benefits_for_homebuyers.cfm

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