Time Is Almost Up, for the $8,000 Tax Credit!

Published On: September 16, 2009

The First-Time Homebuyers Tax Credit program, that gives new homebuyers an $8,000 tax credit, is about to expire.

"Wait!" you exclaim. "I've got until November 30!  That's plenty of time."

Well, you see, it's not plenty of time.  The rules of the Tax Credit program are that you must close the purchase of your new home by November 30th - that's just 75 days from today.

"See!  Like I said:  plenty of time," you argue.

Unfortunately, these days, it takes up to 60 days - after your offer has been accepted! - to close on the purchase.  Why?  Several reasons:

• Arranging the financing of a purchase (taking out a mortgage) is taking much longer than it used to, due to new conservative lending practices. 
• Part of the financing process involves having the home appraised, and appraisals, too, are taking longer to do.
• The title must be searched, to ensure that it is truly clear of liens (other than mortgage and home-equity loan)
• In addition, inspections must be undertaken, and any issues corrected, to the inspector's satisfaction.

All of these steps add up to about 60 days.

You can do the math:  If there are just 75 days left, 'til the tax credit program expires, and 60 of those days are tied up in the closing process, then ...

YOU MUST MAKE AN ACCEPTABLE OFFER ON YOUR NEW HOME
WITHIN THE NEXT 15 DAYS!

Contact me now, and let's get started!