The deadline for the First Time Home Buyer tax Credit is quickly approaching. The language of the legislation reads that the homes must be closed by November 30th, and many home buyers are not aware of the time it takes to complete a real estate transaction. On average I have seen transactions take 30-35 days.
HOWEVER those transactions did not have to contend with a lending system that is currently running slow, and an impending of new contracts and lending requests that are certain to enter the system in the upcoming weeks. Considering the current systemic challenges I am telling my buyers that mid October is their deadline for securing a contract on a home and qualify for the credit.
The bottom line is if you are waiting until the beginning of November to make an offer and qualify for the credit you may be risking $8,000. If you have have your eye on a home CALL ME TODAY at 518-1140, or send me an e-mail to schedule a showing.