That's right time is running out for First-time home buyers to utilize the tax credit. As you know it's for first time home buyers(also for folks that haven't owned a primary residence for the last 3 years.) Read more about it on my previous post.
Here is the deal. I have already felt the effect of the economy stabilizing business over the last few weeks has been intense. Once you read through this time-line you will see why the next few weeks/months are crucial.
To qualify for the First-Time Home Buyer Tax Credit you must buyer your home prior to December, 1 2009.
Let's take a typical home purchase and work backwards.
- November 30th, 2009-Transaction must close by the 30th to qualify. This is the Monday following Thanksgiving. Plan on signing or eating turkey???
- November 19th, 2009- Last realistic day to sign to close by the 30th
- October 5th, 2009 – Critical contract date. In order to ensure that the contract can close by the 19th I recommend that you go pending inspection no later than Oct 5th. Given that negotiations can take time this would assume you make your offer no later than Oct 1st.
- September 7th, 2009 - Begin your search in earnest. Sometimes it take 3-4 weeks to find your home.
- August 28th, 2009 – Ideally, you would begin to speak to a lender and work to get pre-qualified.
***Keep in mind that if the home you decide on is a "Short-Sale" or "Foreclosure" You may be out of time already. Some take 3-6 months to close.
H. Jackson Brown, Jr. said, "Nothing is more expensive than a missed opportunity." and this missed opportunity could cost you $8,000
Related posts:
Eastside Market Statistics
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