First-Time Home Buyer's Tax Credit Deadline Is Approaching!
Do you qualify for the First-Time Home Buyer’s Tax Credit? The answer might surprise you! It’s not just for first-time home buyers. Please contact me if you have any specific questions about the qualifications of this tax credit because it is on a case-by-case basis. Please e-mail me at dray@shorewest.com or call me at (414) 412-7980.
The purpose of this blog post is to offer those who qualify a suggested course of action as the deadline is quickly approaching.
To qualify, your transaction must close before December 1, 2009 (or on or before November 30, 2009).
Many mortgage providers and title companies are expecting a large spike in activity during the final months leading up to this key deadline.
Therefore, here is a suggested time line for those who still want to take advantage of the free money:
Closing Date: Before December 1 (On Or Before November 30)
However, title companies will be swamped on this date. Closing attorneys and conference rooms will be difficult to find. November 30 is a Monday. Other notable dates: Thursday, November 26 is Thanksgiving. Friday, November 27 and Monday, November 30 will be very busy dates as well for closings. Most companies are closed the Friday following Thanksgiving (this might be the case for title companies as well).
For cushion, I suggest that you plan accordingly and make sure your transaction closes before Thanksgiving.
Most buyers like to close on Fridays to allow moving to take place over the weekend. Therefore, I suggest closing on or before Friday, November 20.
Acceptance of Offer:
It used to be a safe bet to figure 30 days from contract to closing. If you are feeling lucky, then I suggest having an offer accepted no later than October 21. This is not the date that you should begin the negotiations!
Most mortgage providers and title companies are expecting huge delays throughout every step of the transaction (most of which is even beyond my control). These professionals are suggesting that the 30-day rule should not apply during this period. A few are suggesting 45-days (at the very earliest from contract to closing). Most believe that the 30-day rule should be increased to 60 days during this period. I also recommend giving you 60 days from contract to closing to ensure that your closing occurs within the set time frame.
Therefore, I recommend that your Offer is not accepted no later than September 21 to ensure that your closing occurs prior to December 1. Again, this is not the date you should begin negotiations.
Begin Search:
This depends on how much time you would like to give yourself to search for your next home. September 21 is five (5) weeks from tomorrow, August 17, 2009 (five open house dates).
Please e-mail me at dray@shorewest.com or call me at (414) 412-7980 and let me know if you have any specific questions regarding the First-Time Home Buyer's Tax Credit.
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Labels: Economy, Finance, Real Estate
1 Comments:
Tax credit would be a great advantage for first-time buyers in deciding whether or not to purchase a home. But of course those who got a stable job at this moment will benefit from it. One way or another it will also help to stabilize the housing market despite of the economic situation.
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