New Videos Explain $8,000 1st Time Buyer Tax Credit (which expires soon)
RE/MAX has created two new videos focusing on the $8,000 tax credit for 1st Time Buyers which expires Nov. 30. So far, this credit has definitely stimulated the economy nationwide and made mortgage lenders proactive again.
View one on my For Buyers page, and the other on my 1st Time Buyers page. Remember, the deadline to close your home is December 1. Merely having loan approval, an accepted offer or a signed contract, won't be enough to qualify for the Housing and Economic Recovery Act.
While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. If you consider the tax credit an important incentive but are still unsure about entering the market, you will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, you should decide to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
One caveat - if you purchase a short sale or bank-owned property, those take twice as long (at least) to close. So start looking and get prequalified now - don't lose this great opportunity for government help to buy your 1st home, or own your 1st home in the past 3 years.
Contact me for more information and to find the best opportunities for you.
Sherry Armstrong, Realtor
386--679-3191
yourkeytothebeach@gmail.com