Record levels of foreclosures hitting the market at the same time in Charlotte is keeping their prices low, and dropping. While their isn’t much wiggle room or bargaining with these properties, they are always deeply discounted… Many at a rock bottom price, and they probably won’t last, so consider buying now. The economy is already beginning to rebound, and the foreclosed homes will not stay on the market for long.
Now to the tax credit…The foreclosure tax credit gives buyers of foreclosed properties a $7,000 tax credit. This credit is to be divided equally between the two years following the home’s purchase. (For married couples filing separately, the credit will be divided into $3,500 per person.) One catch is that the credit is only available for real estate bought as your principle residence – not as investment property. You’d have to use the home as your home for the 24 months following the purchase date in order to receive the full $7,000 credit.
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