What a great idea and what a great way to say "Thank you for your service"!
I got a call yesterday from a national guardsman currently deployed in Afghanistan. He was calling about one of my listings, and asked for more information.
First of all, I thanked him for his service. Second of all we talked about the purchase of his first home. I excitedly began to tell him about the $8000 first time homeowners tax credit.
Oops, there's only one problem. He won't be on leave until it's too late to qualify for the credit. Now here's a fellow laying his life on the line for his country and he will miss out on the tax credit because he is physically unable to get to Georgia to find a home since he is serving his country in a faraway land.
So it got me to thinking ... why not impose a permanent one-time tax credit on the purchase of the home for ANY veteran? Or at the very least, there could be a huge credit for those brave men and women returning from active duty?
Or maybe even half-price on a government owned HUD home? Or a free HUD home that needs repairs, no strings attached?
We have returning soldiers and we have lots of empty houses. Shouldn't risking your life be worth something more than a guaranteed loan? And wouldn't that be a great recruiting incentive?
And if we could dry up some of the flood of house inventory at the same time, wouldn't that be good for everyone?
So what do you think? Am I on to something here?
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As an SRES® designee, I have received additional education on such topics as tax laws, probate, estate planning, equity conversion strategies, and can offer you information on current market trends as well as valuable resources regarding real estate transactions.
Yes, the service men and women should receive our support. I'm unsure that giving them homes that need massive repairs would be a benefit.
I was thinking more along the lines of the permanent tax credit.
These are really some excellent ideas Shirley. Good idea for the reblog.
Shirley - I like the idea! The $8,000 credit should be permanent for veterans. And straight across the board on any house they wish to purchase. Some of those guys are pretty handy, but others aren't. Give them the credit, and they can figure out how to put it to best use.
That and how about when a veteran puts a contract on a home... don't view that as a negative, I lost a contract today because we were using VA, and lenders see that as a negative.