Just a reminder that the first time homebuyer tax credit is set to expire on December 1st. This means that you must close (own the home) by this date. Purchase contracts are averaging between 30 and 45 days right now on regular sales, so this means you would essentially have to go into contract by mid-October. If you’re putting an offer on a foreclosed or short sale home, then this process will take a lot longer. The clock is running out!
I provided details about the First Time Homebuyer Tax Credit here, although I recommend you speak to your tax advisor for qualification details. Good luck!!
