Just a reminder that the clock is ticking on your opportunity to be eligible for the $8,000 tax credit. You must have closed on the purchase of your home by November 30, 2009.
It may seem like you have plenty of time, but that’s only just over 6 months away as of this writing. You need to allow time to find the right home for you, negotiate the purchase, and then close escrow.
Don’t count on getting the first home you make an offer on. Buyer competition is heating up, so you may have to offer on more than one home to get an acceptance.
Generally, you will need 30-45 days for escrow depending on your financing requirements and other contingencies. You should allow for any number of potential delays that can add significant time to the process of buying a home.
Considering a short sale? That’s a huge gamble. There are plenty of horror stories about short sales taking months to even get an answer from the seller’s bank, much less the additional time to close on the purchase even if they approve.
If you are considering a new build home, be sure construction will be completed in time for you to finalize the purchase. Best bet (and usually cheaper option) is to buy a spec home that can be ready to move in quickly.
The tax credit is an excellent incentive and bonus to a first time home buyer. Don’t let time run out for your opportunity to get it.
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