Bye Bye Tax Credit - 73 Days to Go... OH NO!

By
Real Estate Sales Representative with RE/MAX Prestige

It's been a great run, but there are only 73 days left until the Home Buyer Tax Credit will expire.  Please CLICK HERE for the NAR Call to Action to expand this vital economic stimulus package.  As well please take precautions with your buyers and sellers to protect them and you from losing out.  Here are six quick tips you can use today to ensure a smooth end of year.

1. Let your buyers know that financing a home may take 45-60 days so they need to settle upon a home by the end of this month in order to ensure closing on time.

2. Set your closing dates for the beginning or mid November.  This will give you some extra time for any unforeseen delays.

3. Consider putting language in your contracts which will protect you and your firm if there is a closing delay for any reason which hinders the buyers ability to be eligible for the tax credit.

4. Don't put a distressed short sale property under agreement with a buyer who is depending on the tax credit.  There is too high of a risk that you cannot close by the end of November.

5. Price Reductions! Contact all of your active listings TODAY and explain to those sellers why a price reduction in two weeks will be TOO LATE to attract those first time buyers who are out shopping for a home to use their tax credit.  The time is NOW to price right and attract buyers that can close by the December 1st deadline.

6. Start prospecting TODAY for move up or move down buyers, investors, and others who are not depending on the tax credit.  If the tax credit is not extended, you need to be prepared and ready to continue to conquer the market with the many other buyer pools that are out there and anxious to buy!

Keep up the great work in your business!

Comments (1)

Dustin Kanz
ReMax of Rochester - Rochester, MN
GRI, e-PRO, GREEN, CDPE

I hope we all get together and push our leaders to extend the credit. The lawmakers and economists must realize that this stimulus package was one that actually did something for the economy. I can't explain enough as to how many buyers we have had that used the credit and then went out and bought items for the home putting money back in to the economy. Thanks for the great tips and let's get the word out to everyone and hope for some sort of extension this fall.

 

Keep up the good work!

Sep 18, 2009 07:28 AM