60 Days Left For 2010 HomeBuyer Tax Credits
That’s right folks – there’s only 2 months left for you to find a house, make an offer, and get an accepted purchase agreement. For the complete list of requirements on the 2010 Home Buyer Tax Credit click here.
For those first time homebuyers who think they have plenty of time to get the deal done, here’s a quick breakdown of how much time the process may take for you.
Step 1
Meet with a Mortgage Officer and get pre-approved for a loan. This includes gathering your financial documents, pay-stubs, account statements, and tax returns in order to verify you can afford your monthly mortgage payments. This can take anywhere from 1-7 days.
Step 2
Meet with a Real Estate Agent and setup a search for properties on the MLS. This includes figuring out where you want to live, what type of house you want, and what exactly you need (and want) in the house itself. This can take anywhere from 1-5 days.
Step 3
Search for properties by taking tours of homes in person. This part of the process depends on how much time you can devote to house-hunting. Most people have full-time jobs during the day which severely limits the amount of time they can look for homes. Because of this fact, this can be the longest step in the process, taking anywhere from 1 week to 3 months.
Step 4
Make an offer on the home of your choice, and negotiate acceptable terms for both the buyer and seller. This is a shorter step, but is very crucial. This step basically decides how much money is paid and received for each side, and because of this fact you need to pay extra special attention to these negotiations. This process can take anywhere from 1 to 7 days.
April 30th is the last date you can have an accepted offer in order to be eligible for the 8 Thousand Dollar Tax Credit. You then have 2 months to close on the property (June 30th) and can file for your Tax Credit after closing with your tax preparer.
If you need to start the process right now, contact me immediately and I can help you begin!
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Steve, this is a great reminder to those people sitting on the fence. The time couldn’t be better to buy right now. It’s a shame to leave money, free money, on the table.