Don't Wait To Take Advantage of the Home Buyer Tax Credit

It was an early Christmas Gift from Congress...but a great one none the less. In November, Congress extended & expanded the Home Buyer Tax Credit. It was/is no secret this is like Cash for Clunkers last summer, if you are in the position: it's a no brainer. So that said what now.

First if you have not owned a home in the last 3 years this is your golden opportunity. $8,000 comes back to you, not in the form of a loan that must be repaid but actual money to you. This will come when you file your taxes, so it cannot be used as a down payment. Look at it as an $8,000 reward for becoming a home owner. So you've decided to take the plunge? Great, there is no time like the present. You see, there are steps in the process and it takes time. The $8,000 credit can only be obtained if you are under contract by April 30 and have closed escrow by June 30th. So that said, you've got to get moving.

Contact a lender! Find out what you can actually qualify for. You never want to look at a house that is listed for way more than you can qualify for...always stay within your budget. Find yourself a good Realtor. Interview us, look at our profiles, and make sure we are working full time in this business that way we are always looking out for you. Find a Realtor that "fits" with you and your needs. We are here to help. Then go shopping.

Ok, you're saying, Holly seriously its January...I've got till April. Well, true but...once you find the right house, you've got to make an offer, negotiate it, get it inspection, have a home inspection, have an appraisal, negotiate for & get repairs done (if any are needed), have a title search and finally close escrow. Sounds like a lot & it is. It's taking 40-60 days to get all of that accomplished. Don't be overwhelmed that's why you picked a great Realtor. So if it takes 60 days, you want to close in April, which puts you in February. That's 3 weeks away. And don't forget the fun part, looking at houses! Now is no time to waste, you don't want to be rushed and there is great inventory coming on the market every day, especially with the start of the New Year.

Now a quick note on the expansion. If you are a current home owner, and you have been in your primary residence for the last 5 of 8 years, you too can get $6,500! Congress didn't leave you out. So time to upgrade? Need more room? Want to down size? There is no better time, step right up and collect your reward.