If you are eligible for the First Time Home Buyer Tax Credit, or the Move-Up Buyer Tax Credit? If so, time is ticking away… Properties have to by under contract BY April 30th, 2010. This means that they contract’s Binding Agreement date can’t be later than that. Offering on a property on April 30th could lead to missing the deadline. In fact, with many bank owned properties, offers should be in in March in order to make sure negotiations are completed prior to the deadline.
After the property is “Under Contract”, it has to close prior to June 30th, 2010. That means that the loan is done, the papers are signed and the keys are probably handed over…
There are still opportunities with new construction. In fact, there are some custom home builders that have partially completed homes that can be completed by the deadlines…
If you are a seller… GET ON THE STICK. If you are going on the market with a likely home that meets the criteria (under $800k…) then this is the time. Of course, the closer you get to the $800k, the less important the credit becomes, since someone that would qualify for it would likely not be able to get financing for that amount. But, under about $400k, there will be a flurry of market activity before April 30th… and a slowdown after.
Give me a call!
- First Time Home Buyer Tax Credit… Extended and Expanded (lanebailey.com)