How Well Are You Serving Your First-Time Buyer Clients?

As you know, if your first-time buyer clients purchased or plan to purchase their home between April 8, 2008, and July 1, 2009, they may be eligible for up to a $7,500 tax credit. The First-Time Homebuyers Credit, which more or less serves as an interest-free loan from the government paid back over a 15-year period, gives prospective buyers a tremendous incentive to buy, and rewards those who have already purchased their home with a substantial credit at a time when many people could certainly use a little extra cash on-hand.

REALTORS, if you are not well-versed on this tax credit or ensuring that your qualifying clients receive the credit they are entitled to, you are missing out--and potentially letting your clients miss out on a terrific reward. To help you get up to speed on the credit, C.A.R. has prepared a "First-Time Homebuyers Tax Credit FAQ sheet," which can be used for your reference and shared with your potential and existing first-time buyer clients.

Additionally, C.A.R. has made available on our Web site IRS Form 5405, the form your clients must submit with their tax returns to receive their tax credit. Be certain to direct them to this form so that they can claim their credit.

We encourage you to learn as much as you can about this valuable incentive, which can not only boost your business, but help your first-time buyer clients in a way they won't soon forget.

Tip: Attach our PDF and a link to IRS Form 5405 to your e-newsletter and blast it out to your prospective and existing first-time buyers, or link to these items from your homepage, blog, or social networking profiles. Make claiming this credit as easy as you can for your clients, and they will remember you for all of their future real estate needs.

Visit C.A.R.'s First-Time Homebuyer Credit page at http://www.chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=875.