Northern Virginia First Time Home Buyers and the Soon to Expire $8,000 Tax Credit!
There are still Northern Virginia first time home buyers out there looking to take advantage of the $8,000 tax credit. Yes, even though the tax credit expires December 1, 2009, and we are past the mid point of October, Northern Virginia first time home buyers are still out there competing for that place to call home. And as time ticks by, the choices are getting extremely limited.
Since the mid-summer, short sales have not been an option for Northern Virginia first time home buyers looking to capitalize on the $8,000 tax credit. Those sales can take up to three months, if you are LUCKY. Looking to settle on a house in six weeks time or less, short sales are out.
Bank owned properties, more commonly known as foreclosures, are also questionable at this point in time. Why? When banks repossess properties through foreclosure there are often title issues in the transfer from the defaulting owner to the bank. Or, a previous refinance that the defaulting owner did may have been incorrectly recorded. Title issues are the probably the most common reasons that banks can not settle their properties on time with home buyers. And with that hard deadline of having to be settled no later than November 30th, this is no longer a guaranteed sale. Some banks are forthcoming about their doubt in settling by November 30th. Some are not. Either way, if you feel your home purchase MUST qualify you for the $8,000 tax credit, foreclosures are out.
New construction sometimes offer spec homes that are done and ready to go, but those are hard to find these days. And heading into the cold winter months, new construction you contract to have built today, will not be ready until Spring at the earliest.
What are you left with? Regular sellers that are able to vacate their homes and settle by November 30th.
Need help finding those Northern Virginia regular sales? Give me a call.
Chris Ann Cleland, Realtor, Licensed in Virginia, Long & Foster
703-402-0037, chrisann@LNF.com
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header is a photo of Braemar in Bristow, VA during one of the blizzards of the 2009-2010 winter season.
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Chris Ann: Yes... it's getting down to the wire. The number of homes available to close by November 30, 2009 is very limited. Obviously, the longer a buyer waits... the less chance they have of putting a very easy $8,000 into their pocket... just by buying a home. I would suggest that buyers in your area call you as soon as they read this.