Time Flies Baby: $8k tax credit … you better get in the process now
So you want to get in on the $8,000 first-time homebuyer tax credit? The clock is ticking.
The credit expires December 1 … you have to close before December 1. Let’s look at the time-frame in reverse order:
Dec 1 the tax credit expires. Will it be renewed or continued? Maybe but no word yet. So Nov 30 is the last day to close on a property to qualify. Delays happen especially in this lending environment and there will be a ton of buyers around town and around the country filling up the system the last couple weeks of November. So if you are part of this group and one of my clients, we are going to try to avoid closing the last couple weeks of November if at all possible. Oh, and there is Thanksgiving on Nov 26 … always avoid closing on a holiday week because too many lenders and title companies are short-staffed and their ability to respond to delays can be marginal.
So Nov 20 is the Friday before Thanksgiving. We are going to shoot to close all our first-time buyers by November 20. You need to allow 4-5 weeks to close on a property so we really want to be under contract sometime early to mid October.
That means you should be looking at property in September which tells me you should be talking with your favorite lender and fav Realtor now.
Here are some online resources:
The Nelson Project is a top-performing team with Keller Williams Realty in Austin, TX focusing on bringing relevant and timely advice to the Austin marketplace.
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