First-Time Buyers to Act Quickly - $8000 Tax Credit to Expire
If you have been considering buying a home for the first time, NOW IS THE TIME to act quickly. There is very limited time to qualify for the $8,000 first-time homebuyer tax credit. As of August 1, there were only 121 days for first-time purchasers to take advantage of the credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009
The tax credit is available to buyers who have not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid, and it must be claimed on your federal income tax return.
Prospective buyers, especially first-time buyers, should factor in the amount of time it takes to purchase the real estate. November might seem like it is enough time to buy a property, but the time it takes time to put it all together and get the transaction to close before November 30.
First, you'll need to shop and find the right property that meets all of your criteria, find the right Realtor, shopping for the right mortgage, present an offer, negotiate and get an offer accepted on your property, work through all the contracts and logistics that are required in a real estate transaction, obtain a home inspection, shop for homeowners insurance, then work hard to close the property.
You should start your work now. You'll have to factor in extra time to allow for unforeseen circumstances and any additional steps that may be necessary. This way you can allow just enough time to reach closing before the expiration of the credit.
The clock is also ticking. If you want to maximize your purchasing power in this market, you had better get to work soon. With affordable prices and low-interest rates, plus the $8,000 credit, this unprecedented opportunity is not guaranteed to last much longer.
Each transaction is different. No two are the same. One could lead to a longer buying process than another. Since a lot of other parties are involved in a real estate transaction, delays can be expected no matter how fast you act. That wait time can be the difference between $8,000 and not getting $8000.
Buyers are finding that the credit is allowing them to take advantage of opportunities they might not otherwise consider. The $8,000 can be applied toward renovations or repairs in a fixer-upper property, that buyers might not otherwise have been able to afford. The extra funds can also be invested for future use, or applied to new furniture and appliance purchases.
We have many first time home buyers that are taking advantage of our VIP access to all the latest Myrtle Beach Foreclosure information. You can sign up for automatic listing alerts to get a jump start on other buyers. You'll have the inside track on the Myrtle Beach Real Estate market. It is a good tool to find the right property before others beat you to it. You can also sign up for a credit pre-approval. You'll have the edge over buyers who aren't approved when multiple offers arrive on a property. This can make the difference between having your offer accepted or losing the property to a qualified buyer.
Jerry Pinkas Home Selling Team - is your local expert in all your Real Estate needs in the Myrtle Beach Area. Our Team is dedicated to informing our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly. You will have access to the most comprehensive MLS Listing Service in the area with Free access and with lots of tools for both Buyers and Sellers. Award-Winning - Top Ranked - Highly Recommended - Call The Pros - Google or call (843) 839-9870; Put our team to work for you today.
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