Homebuyer Tax Credit: You Need A Solid Deal By April 30 - Not Just An Accepted Offer!

Are you a first time home buyer still hoping to take advantage of the homebuyer tax credit? The deadline for an accepted offer is April 30.... Right now it may seem like you still have time, when really you have a whole lot less than you think. Let me just play devil's advocate for a second...

Let's say you put an offer on a home on April 28. What if the sellers are out of state? What if they need longer to respond and and April 30 comes and goes without you having an accepted offer? And even if you manage to swing that one, what about inspections? What if something turns up and you want to back out of the deal? What if radon comes in high? (Which it does a lot in Iowa). How motivated do you suppose the seller will be to negotiate repairs with you if he knows that if you back out of the deal you lose out on the home buyer tax credit?

Remember, I'm playing devil's advocate here. I'm not saying any of these scenarios will happen. I'm saying you're taking a risk in leaving it until the last minute to make an offer. You don't get a do over. You need a solid deal by April 30, not just an accepted offer... You want to be done with the negotiations and sitting back drinking tea waiting to close in June. (Albeit hopefully not June 30, because that would be taking a bit of a risk too....)