Coming 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?
- Make sure your financing is in order. Have a solid pre-approval ready and in-hand from a qualified lending institution.
- Work with an experienced buyer agent who knows the area you are looking in and can move things along.
- Take a good and thorough look at the home you are interested in and go back a second or third time, if necessary.
- 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.
- Line up a good home inspector and schedule your inspection early so your buyer agent will have plenty of time for any re-negotiations.
- 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.
- 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?"
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.
Serving: Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough