$8,000 tax credit ends November 30, 2009
Many first time home buyers are out looking for their dream home and with an $8,000 tax credit from the government, now is the time. But like all good things, there is a catch. You have to close on your dream home no later than November 30, 2009 and for some that is proving to be a problem. The average house closing takes about six weeks. If you are dragging your feet and don’t have all the prep work done, you could run into problems.
Bob Smith is a broker with Weichert Real Estate. He says he has seen a lot of first time buyers come in looking for that perfect place to live but, he has also seen a lot of people that aren’t prepared. “If you’re starting to look for your dream home, start dreaming right away. Get a realtor, get out there and look, and get your financial issues locked down.”
Smith says both the buyer and the seller need to have their ducks in a row. Sellers should have their title and abstract ready for their lawyer and buyers should be 100% set with a bank. Both parties should be using real estate lawyers as well. Smith says this will speed up the process because a real estate lawyer understands the specialty. And, if you use a criminal or marital lawyer, you run the risk of them being in court for other obligations.
On November 30th that $8,000 tax credit goes away. so get out there and happy hunting
