First-Time Home Buyers Seminar To Address Tax Credit Plan Confusion

PR Log (Press Release) – Jul 02, 2009 – The program agenda for the upcoming Condo Vultures® seminar, First-Time Home Buyers Dos and Don'ts has been expanded to answer questions and concerns over recent news reports that Florida's $8,000 home buyer tax credit program may not yet be ready to launch due to funding distribution issues.

Among the roadblocks for the state initiative is that home buyers facing a Dec. 1 federal tax filing deadline could be hamstrung by a lack of lending cash and procedural snafus. The home buyer program is being funded by a documentary stamp tax revenue that only began July 1, pushing the arrival of the program money back to late July or August, according to the news reports.

Home buyers must close on these homes by November 30 to qualify for the tax credit.

"There could be a mad dash to the finish line by people who are uninformed or confused about the program's details, " said Peter Zalewski, principle of Condo Vultures®, a Bal-Harbour-based real estate consultancy.

First-time home buyers who are looking to get into the South Florida real estate market before the Obama $8,000 tax credit expires in December are invited to the upcoming Condo Vultures® seminar, First-Time Home Buyers Dos and Don'ts at the Doubletree Grand Hotel in Greater Downtown Miami.

The free seminar will feature a series of industry experts discussing every aspect of a real estate transaction including the essentials for qualifying for the Obama tax credit.

The seminar will include a networking session that begins at 5:30 pm. A question and answer period will follow the presentations.

Other topics to be covered include recent HUD/ FHA initiatives designed to assist the first-time home buyer, in addition to the tax credit that is part of the economic stimulus plan in the American Recovery and Reinvestment Act of 2009.

Tips to avoid common mistakes made by first-time home buyers will be discussed as part of the July 28 program.

"In a seller's market, first-time home buyers face specific pitfalls, even with government help," said Zalewski. "These will be addressed at length at our seminar."

The FHA now allows first-time buyers to include advances on the new $8,000 tax credit as part of their down payments and closing costs, The U.S. Department of Housing and Urban Development (HUD) announced May 29.

Previously, first-time buyers were required to file their tax returns for 2008, or they could not use the tax credit.

Now buyers can get an advance on that credit before filing a return. The HUD change also allows FHA-approved lenders to purchase a tax credit of up to $8,000 from the buyer before it collects that money from the IRS.

Print copies of Condo Vultures® (condovultures.com) newly published First-Time Home Buyers Guide To South Florida™ will be available for purchase at the seminar. This 18-page guide features a collection of articles about the process, pointing out the essential dos and don'ts in making a first home purchase.