The $8,000 Tax Credit for first time home buyers is set to expire November 30, 2009. You may think you have time, but remember, the sale must be closed and recorded by then, or you will miss this opportunity.
Consider that you will need to determine your buying power with a loan pre approval, determine whether your housing needs are available in your price range, then start trying to find the property that fits those criteria. If you start in August and take 30 days to find the right property, negotiate the right price, and come to an agreement, then take an additional 45 days for inspections, appraisals, loan underwriting, and closing, you are already to the middle of September. Any delay in the time line above gets you closer and closer to missing the tax credit deadline.
Click here for Tax Credit frequently asked questions.
Please contact me with questions and help in ensuring you do not miss out.