Only 4 Months Left for the $8K Tax Credit!
July 30, 2009Just a friendly reminder if you really want the $8,000 first time home-buyer tax credit but have been dragging your feet lately… it might be time to ramp things up again. The deadline for the tax credit is November 30th. That means you’ll need to have closed on your home by then if you want the incentive. With normal escrow periods taking 30-45 days, you’ll need to be “in contract” by mid-October (and that’s going to be cutting it close). Those applying for FHA financing or purchasing a short sale should build in even more time, perhaps a 60-90 day cushion before November 30th.
And don’t be surprised to see log jams at lending institutions and title companies around November 30th, which could add complications for those trying to squeeze in. Good luck!
You snooze, you lose (regardless of how cute you are)
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No worries, it will be extended and the Gov. will probably add more incentives (stealing from future generations). It will take a lot more subsidies to clean up all the excess inventory. No rush at all. No rush at all.
Yes, we agree and wrote about some of the proposals the government is kicking around right now. You can check them out here:
http://insidesfrealestate.com/2009/06/23/tax-credit-for-buyers-may-expand/
But for now, the tax credit has not been changed. By the time they do change it, interest rates could be higher. Guess we’ll see how things shake out!