In order to claim the first-time homebuyer federal tax credit, a buyer must purchase a home or be in contract to purchase a home no later than April 30, 2010.  With a fully executed contract in place by April 30, buyers will have until June 30, 2010 to close the transaction.  For additional details, including eligibility requirements and limitations on the credit, visit the Dream Team's first-time homebuyer tax credit page.

If you are considering buying a home in the Yuba-Sutter area and would like to be able to claim the tax credit, please do not procrastinate!  Let me explain: The majority of the homes on the market in our area are bank-owned properties and short sales.  As the tax credit deadline approaches, competition for homes that can be in contract by April 30 (bank-owned homes and regular, non-short sale properties) will increase exponentially.

What can you do to maximize your chances of locating your ideal home and qualifying for the tax credit?  Here are some suggestions:

• Get your financing lined up.  If you will need a loan, be sure to get pre-qualified or better yet, pre-approved with a lender before you start shopping.  This way you and your REALTOR® will know what your price range is and have a good sense of what your payments will be.  There is nothing worse than falling in love with a home only to later find that you are not qualified to purchase it.  If you need help finding a lender, please don't hesitate to contact the Dream Team.  We have excellent relationships with great lenders.
  
• Use a local lender.  Unfamiliarity with local customs, market conditions, title companies, etc. is all too common with out-of-area and online lenders, and can result in costly delays.
  
• Use a local REALTOR® who is familiar with current market conditions.  I can probably recommend one, if you like.  ;)
  
• Do your homework.  Establish your criteria before you start looking and stick to them.  What area(s) would you like to live in?  How many bedrooms and bathrooms?  How big of a yard do you want?  One story or two?
  
• Sign up for automatic email notification of new listings.  Have your agent set you up to receive daily email notifications of new listings meeting your specific criteria so that you can act quickly.  New listings in our area that are priced right are typically on the market for only a few days before receiving multiple offers and going into contract.  Being ready and able to act quickly is key to buying a home in today's highly competitive market.

Happy hunting!

 

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Tiffany Pivoda, REALTOR^®, Short Sale Specialist, DRE Lic. #01408438
The Dream Team | RE/MAX Gold, Yuba City - Bringing Your Dreams Home™
(530) 933-2933 cell  (530) 674-4894 desk  Email Tiffany
951 Live Oak Blvd., Yuba City, CA 95991 Map It | www.MySacValleyHome.com

REO Services Available

Serving the Northern California communities of Yuba City, Marysville, Plumas Lake, Sutter, Olivehurst, Live Oak, Colusa, Gridley, Biggs, Chico, Wheatland, Rio Oso, Nicolaus, Pleasant Grove, and neighboring areas.

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