79 Days and Counting – The Gift that Won’t Keep Giving

There’s been some recent talk about extending the First Time Home Buyer’s credit but there has not been a lot of  action on the topic.   For buyers who are considering buying a home, here are the details.  I am providing links to the actual IRS page to give you the details but I am more than happy to talk to you about the them as well.

• Applies to purchases that close after April 8, 2008 and before December 1, 2009.
• Applies only to your primary residence and cannot be used to buy a second home.
• Reduces your tax bill or increases your refund, dollar for dollar.
• Is fully refundable, meaning the credit is only paid to the tax payer.

Here’s the actual link to get more details.  www.irs.gov/newsroom/article/0,,id=204671,00.html

What that means for you?  If you have not owned a house in the last 3 years you qualify.    It also means that you can take advantage of all the great homes that are currently on the market at a reduced price.

What that also means for you is that you must get qualified and go under contract by October 15.   That means that you need to make an offer, negotiate with the seller to agreed upon terms and close by December 1.  Honestly, as soon as you can find the best house the better.

We make the best decisions when we can consider all the options and setup a situation where all out bases are covered.  All the emotion is kicked up a notch when you are not able to find  a home and you have calendar date looming in the distance.  Closing companies are going to be heavily booked as these dates near.   There will only be a certain number of closings that can occur on a given day so keep that in mind.

If you are looking for a home, get a good realtor.  If you need help finding one, contact me and I’ll put you in touch with the very best!