Time's Quickly Ticking for the $8,000 Home Buyer Tax Credit
July 20th, 2009
Categories:Real Estate News
Are you looking to purchase a home and take advantage of the lucrative $8,000 First-Time Home buyer tax credit?
Well the clock is a ticking!
In order to receive the $8,000 gift from the IRS, the house must close by December 1st.
Keep in mind, the IRS is handing out the dough for this one. I don’t think they will be too keen on the idea of making exceptions.
Give yourself a good 45-60 days for your deal to close. Which means plan on having the home under contract and in escrow by early October.
In this market any number of factors can be responsible for a long or delayed closing. Some banks have their foreclosure and short sale process figured out, while others are still stumbling. The same goes for lenders, many of the big banks are taking forever to write loans, while some still promise 30 days to write and fund a loan.
I have an excellent lender who can help you out if you are in a pinch and want to be reassured the deal won’t be held up as a result of the lender.
What about next year’s tax credit?
Rumors talk about a new $15,000 tax credit next year. But don’t hold your breath or count your chickens before they hatch.
Remember the first tax credit? It wasn’t a tax credit, but more of a zero interest loan. The next round of tax credits (if there are any) can have any number of ugly stipulations attached to them.
Related posts:
- The Disappearing Time Table for the Home Buyer Tax Credit
- Can I Pay Someone to Just Repair My Credit?
- Current Workout Programs Accepted Most Banks
- Banks Get Wise?
- Real Estate Market Update