April 30 is NOT the Real 1st Time Home Buyer Deadline

By
Real Estate Agent with Dells Delton Realty

We all know that to qualify for the first time home buyers credit there must be an accepted offer by April 30th.  But if buyers wait until the 30th they might still miss out on the credit.

There are a lot of things that need to happen before the offer is really "accepted".  All the contingencies must be met and if there are issues found they need to be worked out before the 30th if the buyer wants to make an offer on another house.

For example, let's say that an offer is accepted by April 30th and the lender orders an appraisal the first week in May.  If the appraiser finds issues with the house that prevents the loan from being accepted, the buyer has only one choice, fix the problems or lose the credit.  It is too late to find another property.

If all of the deadlines are worked out, it is almost already too late to be certain that an offer will go to close and the buyer will be able to claim the 1st time home buyer credit.  Don't let the April 30th date lull you to sleep.

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Topic:
Home Buying
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Tags:
buying real estate
buying a home
home buying
first time home buyer
1st time home buyer
first time home buyer tax credit

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Rainmaker
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Michael Collins
*ROCK REALTY|Broker|Realtor|Real Estate|WI Short Sale Agent* - Janesville, WI
CDPE, SFR , Wisconsin Short Sale Specialist Realto

Those are great points.  Now the waiting game to see how the market reacts to the credit being gone.

Good post!

Michael Collins - Broker
Rock Realty
www.RockRealtyWI.com

 

May 04, 2010 10:00 AM #1
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