Wednesday, March 31, 2010
Only a Month to Go
If you're considering the purchase of a new home, there's only a month left for you have a contract in place on a home for the tax credit. First time home buyers are entitled to an $8,000 tax credit (if they qualify), and those who have owned a home before are also possibly entitled to a $6,500 tax credit (if they qualify).
Don't wait until the last week of April to look for a home. The search will take a little time, then after the first offer, negotiations must take place. Following a binding contract, a home inspection should be completed to repair problems in the home.
For all homes under contract prior to April 30, 2010, closings must take place no later than June 30, 2010. The reason for this two-month time period is for banks who are selling foreclosures and those short-sale deals will have an opportunity to get closed.
There's more information on the first-time home buyer tax credit by clicking HERE. To learn more about the $6,500 tax credit for those who have owned a home previously, click HERE. If you have any additional questions about either of these credits, give your CPA or tax attorney a call.
If you're looking for a new home or want to sell your home, give me a shout. I'm here to help you get the price, terms and conditions that you want.