Urban Turf has a great post about taking advantage of the 8K first time home buyers tax credit. They have a weekly post that's called "Ask An Agent." This week's question was the 8K first time home buyers tax credit and when it's going to expire. Mandy Mills from Hounshell Real Estate answers the question handily.
We were just talking about this at my sales meeting on Tuesday. If you are a first time home buyer and you want to take advantage of this credit, you MUST close by Dec. 1, 2009. That's coming up rather fast especially when deals can take 30-45 days to close. Not to mention the time it takes to find a place and then actually get the property under contract. (ah hem..refer to earlier post this week about multiple contracts.) There's also the real possibility that title offices are going to be swamped in October and November with buyers trying to close their real estate deals.
Not only is the 8K credit going bu-bye Dec. 1, so are the current loan limits of 729K. Although I'm sure Congress will extend these benefits again to stimulate the housing industry, there might be a gap of a couple of months.
Just a few thoughts if you're thinking about jumping in the real estate pool.