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Tax Credit for Move Up Buyers

I found this fascinating quote today:

As you’ve already read in “Homes in Houston about as affordable as they ever will be,” the new changes to the First Time Home Buyer Tax Credit allows for so-called “move-up” buyers to receive a tax credit of up to $6,500. So how does this affect you as a potential new move-up buyer in San Antonio. The idea seems simple. Take the house you’ve owned for at least five of the eight past years, sell it, and buy a new one (that doesn’t have to bigger or more expensive than your current one – you can actually downsize). File the appropriate forms (Form 5405 (pdf) and a “properly executed” HUD-1) with the IRS and receive a tax credit check in the mailbox. Simple. Right?rerockstar.com, San Antonio Move-Up Buyers And The First Time Home Buyer Tax Credit., Nov 2009

Of course Houston move up buyers also have the ERA Guaranteed Buyout available to them to ensure the old house gets sold. You should read the whole article.