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First Time Home Buyer Tax Credit ~ Only 3 Months Remaining!

By
Real Estate Agent with Resources Real Estate

If you've been kicking around the idea of buying your first home ~ or, if you've owned a home before but haven't owned one during the past 3 years ~ TIME IS RUNNING OUT on the federal goverment's offer of a Home Buyer's Tax Credit up to $8000 for the purchase of a primary residence to qualifying buyers.

1st Time Buyer

 

 

 

 

 

IMPORTANT:  You must close on the purchase before December 1, 2009

That means you need to:

  1. Find the house,
  2. Negotiate an accepatable offer,
  3. Perform your inspections, appraisals, title search, etc.,
  4. Apply for your mortgage, and
  5. Reach the settlement table to close escrow

Within the next 90 days.  Given that most mortgages these days require a minimum of 45 days that means you have about 6 weeks to identify your next home and successfully negotiate an acceptable contract.

In short, that means you better GET TO WORK!

Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1st receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit on their 2009 tax returns next year. 

$8000! 

One would hope that if falling prices and historically low interest rates weren't attractive enough, the offer of FREE MONEY would sweeten the deal enough to get those procrastinators out there off the couch and into the car of their favorite real estate professional!  (If you need any recommendations, just let me know...)

Read the IRS press release about it here.  And you'll need IRS Form 5405 to claim the credit.

Six weeks... the clock is ticking!

Posted by

Thomas McCormack
Managing Partner - Broker
Resources Real Estate
Rumson, NJ  |  Monmouth Beach, NJ  |  Red Bank, NJ
ResourcesRealEstate.com
732-212-0440

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