Planning on taking advantage of $8,000 tax credit? Remember to close by November 30th of 2009 to qualify!
Today, buyers certainly have choices when shopping for a property. If you are a first time home buyer or haven't owned a property in 3 years, and are planning ontaking advantage of the $8,000 tax credit - make sure to plan your purchase accordingly so that you close your transaction no later than November 30th to qualify!
When bidding on a short sale, keep in mind that it is typically 60-90 days just to hear an answer from a bank plus 30-40 days to close. When bidding on a foreclosure, it may take up to 30-45 days to get a response plus another 30-45 days to close.
Evaluate the timeframe of your purchase and remember these points:
- To qualify for the $8,000 tax credit - you must close by November 30th, 2009
- What is my lease expiration date (if renting)?
- What notice do I need to give my landlord (30-45-60 days) to get my security deposit back?
Take a look at seller owned listing, most sellers are highly motivated to sell for different reasons.
Two advantages of purchasing from a seller are:
- Bargaining may only take a couple of days at most.
- You can usually close a transaction in 30 days!
Check out our seller owned townhouse listing at 1847 Mappold in desired Larkins Pointe in Joliet!
- The motivated seller is willing to buy down the buyer's interest rate to 4.00% for the first year (Versus current market rate of 5.5%), a very rare give away! This can make a huge difference on a monthly payment!
- Seller can close in 30 days or even less.
Click on this link to view the photos of the townhome at 1847 Mappold, Joliet
Shop SMART! Plan your purchase to take advantage of the $8,000 tax credit!
Read more on the $8,000 CREDIT here.