Coming Down the Final Stretch - Can You Still Get in on the Home Buyer Tax Credit?

By
Real Estate Agent with The Buyers' Counsel

Horse Racing PhotoComing Down  the Final Stretch - Can you Still Get in on the Home Buyer Tax Credit? 

With just about six weeks left to get into contract on a home, time is running out on the government's program to give first-time and existing home buyers a tax credit. Everywhere you look these days you see symbolic clocks ticking and widgets with the hours dropping away, reminding home buyers that that it's time to act quickly. 

 

Is there really still time?  

In a word - yes.  If you have been looking and there are potential properties in your sight, you still have time to make the deadlines. 

 

What do you need to do to make it happen?  

  1. Make sure your financing is in order.  Have a solid pre-approval ready and in-hand from a qualified lending institution.
  2. Work with an experienced buyer agent who knows the area you are looking in and can move things along.
  3. Take a good and thorough look at the home you are interested in and go back a second or third time, if necessary.
  4. Get the property under agreement - only at the right terms and price. Don't be so anxious about the tax credit that you pay too much for the home.  Make sure that your buyer agent does a thorough analysis of everything that is on the market and everything that has sold.
  5. Line up a good home inspector and schedule your inspection early so your buyer agent will have plenty of time for any re-negotiations.
  6. When all home inspection issues and any other matters have been responded to and handled in a way that you find acceptable, sign the purchase and sale agreement.  You will need to complete the signing by April 30.
  7. Schedule your closing to be well within the cut-off of date of June 30. Your home purchase must be completed by this day.  So, give everyone - your lender, your movers and the seller as much room as possible.  Closing on July 1 will not get you the tax credit.

The Fine Points  

First-time home buyers are eligible for an $8,000 tax credit.  To qualify as a first-time buyer you cannot have owned a principal residence in the last three years. 

Move-up buyers are eligible for a $6,500 tax credit. 

The home purchase must be an "arm's length" transaction.  Buying a home from your parents or other family members will not qualify you for the tax credit.  

The Home Buyer Tax Credit is still within reach.  If you act now - you can avoid having a photo finish. 

 

 Copyright 2010 "Coming Down the Final Stretch - Can You Still Get in on the Home Buyer Tax Credit?" 

 Subscribe to my blog 

Claudette Millette, Broker, Owner, The Buyers' Counsel - a Buyer Broker Since 1992

If you have questions about buying a home in Massachusetts please give me a call at 

 508-881-6230 or Email Me. It will be my pleasure to talk with you.

Visit my Website

MLS Property Search With No Registration Required

Serving: Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough   

  Twitter Claudette Millette Claudette Millette  Facebook Claudette Millette 

Posted by

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Almost Anything Goes
"Whacked"!!!
ActiveRain Rockstars
Club Chaos
Addicted to Active Rain
Tags:
firsttime home buyers
8
000 tax credit
home buyer tax credit
claudette millette
down to the final stretch

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,156,287
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Time is definitely running out to still qualify for the tax credit. So, if you're still looking for a home, step up the pace and take advantage of the low rates, the free money the government is providing for you and the fact that it's a buyer's market still.

Mar 18, 2010 09:13 AM #1
Rainmaker
403,865
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Craig:

That is great advice on all of those points - the rates, the tax credit and the fact that it is still a buyer's market.

 

Mar 18, 2010 09:26 AM #2
Rainer
104,986
Craig Richardson
National Realty - McLean, VA

Claudette, I've got one client trying to get in under the wire and other who hopes to.  It's working as incentive for some, that's for sure.

Mar 18, 2010 12:08 PM #3
Ambassador
1,726,499
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Glaudette...

If I was a buyer, I wouldn't wait until the last minute. The tine to move is NOW!

Mar 18, 2010 01:45 PM #4
Rainer
89,891
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Well we're finally down to the wire here, lets hope that the end of this program doesn't negatively effect home sales too much!

Mar 18, 2010 01:46 PM #5
Rainmaker
403,865
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Craig:

I hope your clients make it in time. I am sure you will help them both find properties as soon as possible.

Richard:

Buyers need to be looking right now to find that property quickly and get it under agreement if they want to make next month's deadline.

Christine:

We will see what happens after April 30. There has been some talk about extending it again but I don't think that is going to happen.

 

 

Mar 18, 2010 02:42 PM #6
Rainmaker
477,398
Tom Bailey
Margaret Rudd & Associates Inc. - Oak Island, NC

My fear is that all this tax credit has done is pull forward people who would have bought during the year. I have spent most of my life in the automotive industry, and most of the time all incentives do is cram 6 months worth of sales into 2 months. Hope I am wrong.

Mar 18, 2010 03:34 PM #7
Rainmaker
403,865
Claudette Millette
The Buyers' Counsel - Ashland, MA
Buyer, Broker - Metrowest Mass

Tom:

That is an interesting perspective based on your automotive experience. Time will tell whether or not that has been the case in the housing market.

 

Mar 18, 2010 11:35 PM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
403,865

Claudette Millette

Buyer, Broker - Metrowest Mass
Ask me a question
*
*
*
*
Spam prevention

Additional Information