Time Running Out for $8,000 First Time Homebuyer Tax Credit

The first time homebuyer tax credit will soon be expiring. Buyer’s need to purchase before December 1, 2009 to be eligible.

Well since we’re only September, you may think you have plenty of time… WRONG! Most Purchase Contracts (with financing) on average will take 45 days, if not longer with new regulations for appraisers in the lending industry. Given that, if we work 45 days backwards from November 30th, you would have to be under contract (offer accepted & initial deposit in escrow) by October 16th.  Once again, that’s with everything going very smoothly. That is close to 1 month away from today in a perfect world. So, my advise is if you are looking to take adavantage of this awesome program, you need to realize there is not a whole lot of time left. I would make it a goal of having your property under contract by the end of this month to play it safe 🙂 Otherwise, you can kiss the $8,000 goodbye….