Your Running Out of Time on the First Time Home Buyer Tax Credit. Did you know there are only 100 days left to get in on this great incentive? That's right at 11:59 pm of April 30, 2010 the tax credit will expire and the likelihood of it being extended is pretty grim.
For most first time home buyers it takes time to find the right house, you could get lucky and find the right house and get your offer accepted in just a matter of days, however for most that doesnt seem to be the case. This process can sometimes take up to 60-90 days just to find the right house and get your offer accepted, over all the other multiple offers that come in on homes in today's market. Well that is the homes that dont need to be gutted and rebuilt.
You have to be under contract in the next 100 days and close within 60 days after that. Now if you wait til April 30 you might not have enough time to close within the 60 days if you are using an FHA loan with a 203k rehab or down payment assistance often times they need 60 days and if you run a day over your SOL on the tax credit.
The other big hurdle is going to be come March 31 people will realize there are only 30 days left in the program and that they better find a house fast, creating more urgency, multiple offers and a feeding frenzy on what homes are available, an unneeded stress. Dont do that to yourself.
Start now working with a Realtor, together you can shop the MLS system for great homes and bargains and take your time. This way you will know that when you find the right house it's truly the right house and not one you had to get just so you didnt miss out on the $8000 tax credit.
Tick... Tock... Tick... Tock...
Comments(3)