The National Association of Realtors published a chart showing how the Homebuyer Tax Credit changes when President Obama signs the legislation into law; expected to happen today.
One item that I question on the chart is the need to sell your home if you qualify for the $6500. I don’t see that in the text of the legislation. I do see:
EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’
I was transferred to voice mail when I called NAR to verify so will update as I know more. I may have missed something but it is worth finding out!