Tomorrow (Friday, Nov. 6), to be precise.

The House of Representatives today overwhelmingly (403-12) passed the initiative, which also extends the $8,000 tax credit for first-time homebuyers until April 30, 2010.

President Barack Obama is expected to officially sign off on the legislation before the upcoming weekend.

So what’s it all mean?

Essentially, if you have been living in your current home for at least five consecutive years (and you own it, of course), the federal government will reward you with up to $6,500 to purchase a new home. However, you must close on the new house no later than June 30, 2010, to receive the bonus.

It’s a great incentive for empty nesters, downsizers, upgraders and basically anyone else who wants to relocate or enjoy a change of scenery … and get rewarded for it.

Get a head start and begin your new home search today at Foreclosure.com. We have the best real estate deals in your area featured in our comprehensive database of more than 2 million nationwide listings.

Happy hunting … and congratulations in advance!

It looks like first time homebuyers will indeed have more time to take advantage of the $8,000 tax credit, which was scheduled to expire on Nov. 30, 2009, according to the New York Times.

Legislation to extend the popular program until April 30, 2010,  recently cleared a big hurdle in the U.S. Senate, receiving unanimous support among lawmakers (85-0). The initiative could land on President Obama’s desk for final approval at the end of this week or early next if it passes its next stop in the House of Representatives.

In addition to first timers, the new measure would reward existing homeowners — those who have lived at their current addresses for at least five years — with $6,500 tax credits for buying new homes.

And last but not least, the new legislation will raise the income limits for eligibility ($125,000 a year for individuals and $225,000 for couples), ensuring that more people can take advantage of the incentive.

Stay tuned for additional updates on this developing situation. For more background on the $8,000 tax credit for first time homebuyers click here.

Learn how to create an absolute fortune investing in commercial real estate using two little known strategies with advice from industry expert, Jason Gilbert.

From strip malls to mobile home parks to apartment complexes, there is a ton of money to be made with commercial real estate. Successful investors will tell you that commercial deals are often easier to do than residential and make you far more money.

Much more.

Jason will reveal how you — regardless of your credit situation and how much experience you have can (even if it’s zero) — can make a fortune with commercial income property in this FREE training course, “Make Millions with Commercial Real Estate.”

He recently released two proven strategies, Joint Venture Facilitation (JVF) and Master Lease Option (MLO), which can get you started on the path to personal riches … regardless of your current situation.

This FREE educational session is available to watch LIVE online and for FREE on Wednesday, Nov. 18, at 7 p.m. ET. CLICK HERE.

This course will cover:

• Why getting into commercial is a “no brainer”
• What keeps most people out of the commercial side
• Who is Jason Gilbert
• JVF and MLO explained
• Why you should get involved and how you can start today

Real estate investment secrets will be revealed during this special learning opportunity. Whether you are just starting out or trying to get to the next level, this is one FREE presentation that you simply cannot miss.

We look forward to having you on the Webinar!

To attend “Make Millions with Commercial Real Estate” on Wednesday, Nov. 18, at 7 p.m. ET for no cost CLICK HERE. Spots are limited and are available on a first-come, first-served basis only.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

Sticking with the spooky Halloween theme, Foreclosure.com recently held a pumpkin carving contest at our new corporate headquarters in Boca Raton, Fla., among our employees.

It’s an annual event, which we often coordinate to have a little office fun, boost morale and freak out our white collar corporate neighbors.

So this year we thought we would share with our readers two of our winning entries, one of which is actually industry appropriate and won “Most Creative.”

Check ‘em out after the jump.

Read the rest of this entry »

HGTV’s FrontDoor.com compiled two season-appropriate, and very different, lists:

Tricks

1. Every foreclosure is a bargain — Just because a house has a cheap price tag, doesn’t mean that it will be a good investment.
2. Buying a foreclosure property is like buying any other property — Foreclosure deals usually involve multiple parties and specific laws. Seek out a foreclosure expert.
3. Going into foreclosure is better than paying a mortgage you can’t afford — Foreclosure has major legal, tax and credit consequences and should be a last resort.

Treats

1. Homeownership is affordable — There really are well maintained foreclosure properties out there, some for as little as 50 percent below their market value.
2. Banks are motivated to get rid of their inventory — Banks want to get non-income-producing properties off their books as quickly as possible, which translates to competitive pricing for consumers.
3. The right foreclosure can be a good investment — Whether a foreclosure purchase is destined for renting or flipping, the right property can be profitable.

Remember you can find your treat on Foreclosure.com. Our nationwide database of more than 2 million distressed real estate listings is FREE to search for seven days. Cancel at anytime.

No tricks!

To check out the complete article head over to FrontDoor.com.