Want The $8,000 Tax Credit? The Time To Act Is Now!
If you have read this blog at all, you know that the $8,000 First Time Home Buyers Credit expires on November 30, 2009. To take advantage of the credit, you must complete your purchase by November 30. Being under contact is not enough – the transaction must be done and recorded with the county by the deadline.
“No problems” you say. “The end of November is a long ways away.” Actually, it’s closer than you think. Let’s work through the timing.
First of all, Thanksgiving is the last week of November. Between the holiday and all the “Last Minute Larrys” who need to close on November 30, I would strongly suggest buyers schedule their closing not later than November 20 [the Friday before Thanksgiving].
As I mentioned in a previous post, processing mortgage paperwork is taking 30-45 days. Let’s be optimistic, and assume 30 days from the contract date to the closing. Assuming that November 20 closing date, you need to have a home under contract by October 21.
October 21 is just three weeks away. That’s three weeks to find the right home, make an offer, negotiate with the seller and get in under contract. There is still time to find that first home — just not as much of it.
If you are still looking for that first home, please let me know. There are many great homes to choose from [starting with the home in Woodcroft that heads the right column]. The time to get started, however, is today.
Tags: first-time buyers, mortgage news
