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Only 7 Months left…..Time is running Out for First-time Homebuyers

By Petra Norris

Managing Real Estate Broker with Lakeland Real Estate Group, Inc. BK646565

April 25, 2009 03:23 AM

Only 7 Months left…..Time is running Out for First-time Homebuyers

By now, I’m sure, everyone knows about the $8000 tax credit for first-time homebuyers – just in case you might have missed this important news. Here is a little recap to qualify, home buyers must not have owned a home for the past three years and have a modified adjusted gross income (MAGI) that is less than $95,000 for single filers and $170,000 for a joint tax return.

Thinking that a sales contract that is signed, sealed and delivered by November 30^th is sufficient, you may be surprised to know that it is not good enough to get the $8000 tax credit – you must close by November 30, 2009 to receive this credit.

Time is running out! If you are still sitting over the fence for the prices to drop and wait until a few weeks before the November 30^th deadline to buy your home, you may encounter problems with title companies and other parties involved in the transaction. Generally, a transaction from contract to close may only take a few weeks for a resale on an existing home. For a new construction the time frame from start to finish could take up to six month depending on floor plan, size, and location.

I suspect there will be a blitz of first-time home buyers who are waiting until the last minute and that is when title companies, home inspectors, appraisers, not to mention lenders and underwriters could get swamped with files during November – don’t wait until it’s too late!

The IRS will only allow actual closing dates and does not allow “planned closing date”.

Folks, you may think “oh, I’ve got plenty of time”…. 7 months is not too far off, it will be here before you know it. Go ahead, if you still looking, why don’t you click on this little “Search for Homes” icon below to see what’s in store for you here in Lakeland and the surrounding cities of Polk County, Florida.