New Home Buyer Tax Stimulus Deadline

By
Real Estate Agent with Exit Realty Seaside

Buyers did you know that there is a deadline to receive your $8000.00 from Uncle Sam?

December 1st 2009 is the deadline for all the paper work to be completed.  Which means that you should have everything in the works by October. To qualify for the $8000.00 tax refund a buyer must spend at least $100,000.00 on a new home.

Banks and mortgage companies are back logged with processing refinancing documents; therefore to allow enough lead time in order to close before December 1st it is advisable to have all your information and documents in your lenders hands in October.  One must consider that there will be a lot of buyers trying to meet the December 1st dead line and not enough staff to accommodate all the applications.  Attorneys will also be busy.

My best advice is to work with a realtor as soon as possible to find your dream home.   Rates are very good right now and tax refund is a great incentive.

 

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Anonymous
Lauren Taylor

Hello Shirley,

I am currently deployed in Iraq and trying to do some house shopping from across the world. I don't know if I will be able to meet the December 1st deadline and was wondering what the possiblity of extension is on the stimulus. Do you think that is a possibility or that they may have a new benefit for homebuyers in 2010? I really appreciate any advise or suggestions you have.

Thanks

Lauren Taylor

Aug 07, 2009 03:52 AM #1
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Shirley Redford

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