Dear Procrastinating Homebuyer:
As you know the $8,000 First-Time Homebuyer credit expires December 1st. There are far more pressing deadlines to be dealt with than looking for a home. I know you are busy, but you need to know December 1st is the wrong date.
To be eligible for the tax credit you have to take possession of your new home by December 1st. It used to take about 30 days to close a loan. Those were the good ol' days. Now-a-days it will take at least 45 days to close. With that in mind, October 16th is the real deadline. Many properties in this market are short sales that take anywhere from 2 weeks to 3 months or more for a response. I recommend steering clear of them if you want to meet the deadline.
Inventories are declining and prices are stabilizing. Although it is unknown what the future of this recession holds in store for you, it is a good idea to consider investing in your future. Historically home values double every 10 years.
Allow me to clarify. Your offer needs to be accepted by October 16th in order to allow enough time for escrow. Anyone that has not owned a home as a primary residence in the past 3 years is eligible.
Contact me when your ready.
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