I am sure that many first time homebuyers are getting serious as the April 30 deadline approaches. And there are huge numbers of repeat buyers that are just finding out about the $6500 tax credit. So how about a HUD Home? As an agent who works with Indianapolis HUD Home buyers, here are a few cautions:
- To be eligible for the first-time homebuyer or repeat buyer tax credits, you need to be under conract by April 30th. HUD might take a few days (or in one case a few weeks) to sign the contract after it is sent in.
- Be aware that you are getting a home that has been vacant that might need some work. Even if the property condtion report says that something is working, you need to get that checked out by your own inspector. If you cancel and it is after April 30, then there is no tax credit.
- If there are errors in the paperwork, the agent might need to do a correction and send it in. That could cause a delay - hopefully not a delay that costs $8000 or $6500.
The bottom line: Don't wait until the end of April. If you are dealing with a HUD Home, you need to do your bidding by early April at the latest. To delay beyond that might be expensive.
For information about Indianapolis HUD Homes, visit my website or contact me on my direct number: 317-709-2537.
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