South King County $8,000 Tax Credit

By
Real Estate Agent with John L Scott KMS 67052

South King County $8,000 Tax Credit

There is not much time left for everyone that is looking to take advantage of the tax credit.  Time is running out on the $8,000 tax credit with only a little over 2 months until the end.  Don't get comfortable thinking that this seems like a lot of time.  With transactions taking more time to close than the past, regularly going over 30 days now, that gives you a max of about 45 days to get in contract on the home of your dreams.  Making your searches more difficult as this takes short sales pretty much out of question as they are lucky to close at all, little lone in 45 days or less.  A little tip to help speed up the process, I highly recommend that you take the time to get pre-qualified with a lender, as not to waste time looking at homes that you may not qualify for.

If you aren't sure if you qualify here is some info that should help. 

  • The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  • If you have any further question feel free to contact me and I will do what I can to help.

    Joe Perkins - John L Scott Kent - KMS  

    Direct # 206.334.2210

    Office # 253.852.9200

    JoeP@JohnLScott.com

    www.HomesFromJoe.com

    maple valley home for sale

    Specializing in the South King County Real Estate Market.

     

    South King County $8,000 Tax Credit

    Comments (2)

    Pat Champion
    John Roberts Realty - Eustis, FL
    Call the "CHAMPION" for all your real estate needs

    This is a great reminder now is the time to buy-the buyers need to get out there and make their decision it is taking longer to process the loan.

    Sep 14, 2009 06:15 AM
    Joe Perkins
    John L Scott KMS - Kent, WA

    We can only hope people start to see the urgency here and don't just sit back and wait.  I am see that it is getting closer to 45 day rather than the 30 days of old to get these deals done.  All we can do is keep getting the word out.

    Sep 14, 2009 03:08 PM