Time is Running Out on the 1st Time Homebuyers $8000 Tax Credit
If you have not owned a home for the last 3 years and want to take advantage of the $8000 1st Time Homebuyers Tax Credit you need to act quickly.The guidelines are that you must close on the property by November 30, 2009. Yes that is 2 months from now but a lot of people are trying to get homes purchased to meet that deadline. That will put a time constraint on the lending companies, the appraisers, the home inspectors, the title companies and all the entites involved in buying and closing on a home.
So what shoudl you do now.?
1. Contact a Realtor. They can put together a search based on your needs and wants that will narrow down your choices.
2. Get preapproved by a lending company (a Realtor can offer suggestions here also).
You will probably be limited to a home being offered by an owner but not a short sale or bank owned property. The chances of getting a short sale or bank owned property closed by November 30th are slim.
There are still a lot of homes available and rates are still low so get searching now.