Time now an issue on $8,000 tax credit for First Time Homebuyers.
First Time Buyers
June 22nd, 2009
With Summer just getting underway it may be hard to imagine that we are getting close to the deadline for taking advantage of the $8,000 federal First Time Homebuyer tax credit. Sounds crazy but lets break it down. Lets start at the finish. Our deadline for tax credit is Dec. 1,2009. As the lender underwriting is moving very slow these days we better count on 60 days for escrow process from start to finish. That means we will need to to find a home that works for you and get it in escrow no later than Sept 30th. With that in mind the only “shopping” time to find your next home is what little time we have left of June, July, August and September. As more and more first time homebuyers realize this the competition for the best houses will undoubtedly increase. My recommendation? Don’t wait too long and be forced to choose between home shopping under pressure or potentially missing out on the $8,000 tax credit.
