If you are a first time homebuyer in Pennsylvania, pay attention to this post and to this deadline. November 30 will be here before we all know if. If you're looking for a home now, you might want to step up that search now! The clock is ticking. Don't miss this deadline so you can collect your $8000 credit.
Brian Schulman, a Lancaster County agent, wrote this blog post in July. It is even more relevant now!
If you're buying a property in Schuylkill County, PA or surrounding areas, please contact our office ASAP to make sure you don't miss out on this great opportunity.
Via
Brian Schulman - Your Lancaster County, PA Real Estate Professional (Coldwell Banker Select Professionals, Lancaster PA):
By now, many first time home buyers are aware of the $8,000 First Time Home Buyer Tax Credit. A first time home buyer is defined as a buyer who has not had an interest in a primary residence within the past three years. The tax credit provides a credit of 10% of the purchase price of a home to the buyer, up to a sale price of $80,000; hence, first time home buyers are eligible to receive checks from the IRS in amounts up to $8,000!
The tax credit is only in effect for settlements which take place BEFORE December 1, 2009 - i.e., the settlement must take place no later than November 30, 2009. The tax form with which to apply for the tax credit is IRS Form 5405.
Bear in mind that in today's credit atmosphere, it can take a minimum of 45 days to get a mortgage approved. Therefore, it would be desirable for first time home buyers to have a home selected and under agreement no later than early October 2009.
What's going to happen as we get closer to the deadline fot the $8,000 tax credit? All the first time buyers who haven't yet bought a house are going to be in a rush to get their purchase on the books in time to be eligible for the credit.
When is the latest allowable settlement date? November 30, 2009, which happens to fall on a Monday. That date is going to be the craziest date for settlements that anyone has ever seen! It will be hard to reserve a time with a title company to hold the settlements, and there will be delays with financing packages from lenders due to the rush.
Some settlements will be delayed for one reason or another until the following day - and there goes $8,000 out the window.
My suggestion? If you're a Lancaster County, PA first time home buyer, don't wait for the last minute to look for a home. Leave plenty of time for your settlement - and don't schedule your settlement for the last day in November.
opyright2009BrianSchulman©
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Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA.
If you're looking for a PROFESSIONAL to represent you in all of your Schuylkill County real estate needs, call Realty Executives at 570-622-6006.
We can meet all your buying / selling needs ... and will exceed your expectations. That's what being an EXECUTIVE is all about
Serving all of Schuylkill County ... Pottsville, Orwigsburg, Schuylkill Haven, Auburn, Pine Grove, Frackville, Minersville, Ashland, Shenandoah, Port Carbon, Palo Alto, St. Clair, Barnesville real estate. Click on the link above to search Pottsville PA homes for sale or any Schuylkill County homes for sale. We have all properties listed for sale in the Schuylkill MLS on our website -- free search!
We also operate Schuylkill Appraisal Services, for all your appraisal needs.
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Erica, thanks for the reblog! If this topic was timely in July, it's even more relevant now for first time home buyers.