Marketing Opportunities: Homebuyer Tax Credit

By
Real Estate Mortgage Broker with Amerifirst Financial, Inc

There is a lot of speculation about how, when and who the "NEW" Homebuyer Tax Credit affects.  We should be very clear in our information and learn how to effectively make the most of the opportunity.  If you are serious about building your database and business.  It is time to get your butts up and do something about it. 

The 90/10 Rule will apply! 

  • What side of that equation will you be?
  • How to make the most of this? 

Well, If I'm a REALTOR and I'm not (but I am going to do this anyway).  I would call the best marketing rep from a title company or Loan Officer (hopefully me) and request a list of homeowners that purchased in 2004 or before.  Then I am going to send them flyers, newsletters, bulletin, etc to tell them that they can upgrade and/or keep their property as an investment or not and move to a better home while obtaining $6,500 as a tax credit. I am also going to get on the internet and work out a massive Social Media campaign to get the buyers (and likley sellers) calling me!! 

Don't take my advice, I am just speaking out loud of what I am going to do!

What you need to know!

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

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Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Joe Niece 11/06/2009 07:15 PM
  2. Sybil Campbell 11/06/2009 10:48 PM
  3. John Oman 11/14/2009 08:36 PM
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Tags:
update on the new homebuyer tax credit and marketing opportunities
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tax credits
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Comments 48 New Comment

Rainmaker
275,577
Philip Turner
Mortgage Banker Since 1980
MCCUE MORTGAGE COMPANY

Good ideas.  All of the information that I have seen regarding present homeowners is that their part of the bill became effective on Saturday, November 7th.  I don't believe that they have to wait until December 1st.  In southeastern CT I believe that the homeowners who purchased in 2004 or earlier will be OK unless they did a cash out refinance and used up all of their equity.

November 08, 2009 05:53 PM
Rainmaker
128,109
Mike Henderson
HUD Home Hub - 303-949-5848
Your complete source for buying HUD homes

Great points.  I'm figuring out how to target this immediately.

 

November 10, 2009 02:46 PM
Anonymous #46
Anonymous
Jim Thomas

Ted:

 

Would you be willing to put some of the marketing materials on your Facebook.  You can use the program called SlideShare.  I would enjoy seeing the marketing pieces you use.  I would also be willing to trade some of my collateral pieces.

November 14, 2009 08:45 AM
Anonymous #47
Anonymous
Deana Smedlund

Thanks for sharing such great information with us. I will get started now on the list of people who have been in there homes 2004 and before.

November 14, 2009 07:18 PM
Rainmaker
680,091
Lanre Folayan
I don't make promises. But I do deliver results.
Keller Williams Capital Properties-Buy a home in Washington DC. Sell a home in Washington DC

Ted I love this idea of yours. Brilliant. By the way do you do loans in Maryland and DC? Please say yes. I am going to need your help on coming up with a marketing plan. I am about to start e-mailing my mortgage brokers and title companies right now. Great post.

December 06, 2009 08:42 AM
Rainmaker
64,747

Ted Canto

Arizonan #1 Mortgage Lender
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