Want to get that $8,000 tax credit from the stimulus package? Well, you had better get on the ball right now.
To be eligible for this “Golden Egg” of credit, you
have to have closed on a property no later than December 1, right? Let’s work this scenario backwards. Close on November 30. It will take you 45 days to get an approved loan…now we are at October 16.
But…
- What if you find major problems when you do the inspection and you don’t want the house after all?
- What if more than one person wants the house you want and you end up not being the highest bid and have to start over?
- What if there is a credit issue that has to be cleared up…no Uncle Sam is not going to say that you get a special dispensation just because the credit reporting agency made a mistake.
- What if you wanted to buy a foreclosure or short sale? If you haven’t already made an offer, you may have already run out of time.
We can go on with “what if’s” forever, the point is, if you plan to get the free $8,000 that only first time buyers qualify for,
you’d better not procrastinate!
Can you find an acceptable home in the next two months? It may not be as easy nor as fast a process as you would like, so
NOW IS THE TIME TO START LOOKING.
