First Time Home Buyer Credit- The Clock is Ticking!
Posted by 
Wendy Ryan on Monday, September 14, 2009
As many of you are aware, November 30th is the deadline for the $8,000 first-time home buyer credit. You may be thinking “well that gives me plenty of time to find a home and collect my free money!”
Not exactly… There are many factors that you need to keep in mind if you are hoping to find a house in time to collect the credit. Most importantly you need to CLOSE on your property by November 30th. This means closing papers signed, title transferred and keys in your hands. In a smooth closing we see typical timing from offer acceptance to close around 30 days or if both parties have all their ducks in a row, it can happen even quicker. But, keep in mind that this is a “clean closing”. You have to consider many elements that can easily slow your timing down such as inspection issues, mortgage approval and appraisal issues. One of the critical tasks of your agent is to foresee these issues and keep the deal moving to get you to the closing table ASAP.
If you are considering purchasing your first home and hoping to collect the first time home buyer tax credit, I recommend you have signed contracts around October 15th to ensure you don’t miss out.
So, those of you sitting around contemplating this big, life changing purchase, stop thinking about it and get moving! You’ll thank me later…
