To all the First Time Home Buyers: You have 71 days to close/record on a property if you want to qualify for the $8000 First Time Home Buyer Tax Credit. Considering how lonf the homebuying process can take, this is not much time. If you want to have a good chance of closing on a property by November 30, 2009, you should be in contract for a house by October 15th, 2009.
Keep in mind that finding the house is just the beginning. After finding the house, there's the purchase and sale agreement, the negotiations, the inspection, the repair negotiations, the actual repairs, the appraisal, and of course dealing the bank and underwriters.
So if you're planning on buying a property and you're a first time home buyer, I recommend finding one in the next couple of weeks. You don't want to miss your chance by a couple of days!!!
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