Do you still have time to qualify for the first time homebuyer tax credit?
Filed under: home buying info, Real estate agents, Real estate market report
With the November 30th deadline fast approaching do you still have time to buy a home in Deltona and qualify for the first time homebuyer tax credit? Many homebuyers will need to ask themselves and their real estate agents this question before making an offer on a home over the next few weeks.
The deadline is approximately 3 months away from this post however with so many bank owned and short sale property listed for sale, making an offer and having the offer accepted on one of these types of homes, could create a time problem.
Short sales are known to take more time than normally expected to close. It is not unheard of for a short sale to take 45 days or longer just for the seller to get their lender approval of the short sale price. From there the buyer will need to have inspections and financing completed in order to close. This is crucial time spent “hurrying up, only to wait” for buyers who want to receive the first time homebuyer tax credit.
Bank owned homes are a little better in terms of the process however the competition is stronger. Buyers often find themselves in bidding wars on the best bank owned homes for sale. This could lead to missed opportunities resulting in them having to start over in their search for available properties or it could lead to a buyer paying more than they wanted just to receive an accepted offer.
One of the keys to successfully closing on a home in time to qualify for the tax credit is by having everyone involved in the transaction; the buyer, the buyer’s real estate agent, the seller, the seller’s real estate agent, and the lender, keenly aware of the process and the time constraints. This awareness will work towards eliminating delays and speed up the process.
To learn about the other keys to successfully closing on a home before time runs out, contact me or give me a call.
