ALL FIRST TIME HOMEBUYERS MUST CLOSE BY MIDNIGHT NOVEMBER 30, 2009.
Well, that is if you qualify for, and want to take advantage of.... the $8,000 tax credit for purchasing a home. In past posts we went over some of the qualifications for the tax credit such as:
1) You cannot have owned a home in the past three years.
2) Income requirements cannot exceed $75,000 if single and $150,000 for married.
3) The credit is worth 10% of the purchase price of the home up to a maximum credit of $8,000.
Now, what does the December 1, 2009 due date mean? Well it means that your home must CLOSE on or before midnight of November 30, 2009. OR YOU LOSE THE CREDIT.... Make sure if you are presenting offers that you allow a few days to a week for minor delays... Do not risk $8,000! Because you cannot get an extension unless Uncle Sam gives it to everyone.
Exactly how much time does that leave you if you have not even started to find a home? Well let's work backwards. Say to be safe you allow the closing two Fridays before the deadline. That makes it November 20th. Now once the property is found you need an average of 45 days to close. So let's figure the under contract date to be October 6. So if your home is to be under contract by October 6, that allows about seven weeks from today to find your home. Certainly plenty of time for you to find an agent, obtain financing from a qualified lender, and start looking. But, you do not have time to sit on the fence to determine whether or not you want to continue renting for another couple months before looking while you wait to see what the market does.
So, it's time to contact that qualified agent. Marie Zubkoff at 480.233.7051 or Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
