Bill Would Allow REO Purchases with Retirement Funds – Buying a Home in Ventura County

by Gary and Lisa Schoeffler on April 21, 2011

in Latest News

A bill introduced in the U.S. House of Representatives would waive withdrawal penalties on certain retirement plans if the funds were used to buy a house that has been in foreclosure for a year or more, HousingWire reports.

The bill, introduced recently by congressman and real estate professional Bill Posey, R-Fla, is expected to apply to Roth IRAs, 401(k) plans, and company pension plans.

The legislation’s aim is to promote REO home purchases by owner occupants or second home owners rather than investors just looking to “flip” a foreclosure for fast money. According to the bill, purchasers must agree to hold the property for at least two years to be exempt from early retirement plan withdrawal penalties.

“It’s just another idea to help the housing market,” says press secretary George Cecala.

The bill has been sent to committee for further consideration.

Source: “Bill Would Waive Retirement Plan Withdrawal Penalties to Buy REOs,” HousingWire (April 18, 2011)

This was interesting. You would need to speak with your financial adviser to be sure this was the right move for you, given your specific circumstances. We will be watching to see if this bill goes any further.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

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