Hope for Short Sale Homes

If you are in foreclosure and are trying to get a short sale done on it, there may be hope for you. Legislation is currently in the works to provide an up to $15,000 tax credit to people who buy a home. Some of the restrictions on this would be that it would only be in effect for one year, it would only let people use it for purchases of a principal residence and if the house is sold within 2 years of the purchase, the credit would have to be recaptured.

But all in all, this looks like a good measure that will hopefully help jump start the struggling housing market. If you are in a home that you can no longer afford and are trying to sell your home through a short sale, this may help get you more willing buyers. For those of you who are losing your home to foreclosure but are trying to sell it through a short sale, this may be the light at the end of the tunnel.

The bill has not yet been signed into law and still needs to go through the House and be approved by President Obama.