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Tax Credit

What is the foreclosure tax credit? At first glance, the $8,000 tax credit that President Obama had recently signed into law is a very attractive stimulus package. Aimed to stimulate the ailing real estate market in the United States, the tax credit is extended to those that are about to buy their first homes whether as brand-new model homes or those that have been auctioned off.

Who Is Qualified for the Credit?

Under this package, the definition for first-time homebuyer is very liberal. For one, it does not mean that the home should be your first exactly. The "first-time" tag merely means that you are someone who hasn't bought a home for the past 3 years is qualified for the credit. This means that, even if you have had a previous home but had lost it more than 3 years in the past due to foreclosures or simply had to sell it off, you can still qualify for President Obama's stimulus package.

Buy Tax Auction Homes

This gives one all the reason to acquire a new home via tax auction homes. These are homes that have been foreclosed by the government itself, due to the inability of the homeowner to pay off his taxes to the IRS. Not that they haven't been given a chance; the IRS actually only grabs a home if the homeowner manages to avoid or neglect his taxpaying duties for up to years' time.

Why should one invest in a tax auction home? That is because tax auction homes are generally cheaper than brand-new homes, since the government is only out to recover the lost taxes and nothing more than that. This translates to a lower bidding price than normal, especially when the house has already been paid off and there are no lenders involved in the auction process.

Give yourself the needed break from paying high taxes. Avail of the $8,000 tax credit by buying your first home today. The tax credit can be a big help to your finances and enable you to save up some money for a rainy day. Start it by checking out our foreclosure listings now. Visit Foreclosure-Auction.net for more information.

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