First-Time Home Buyer Tax Credit | Nearing an End

Posted by Jace Stolfo on Wednesday, September 2nd, 2009 at 7:54pm.

[UPDATE: TAX CREDIT EXTENDED] Time is nearing an end to take advantage of the first-time home buyer tax credit scheduled to expire December 1, 2009.  If you intend to take advantage of this opportunity and you're looking for a great buy, don't wait too long.

Many of the best deals out there such as the bank-owned homes are getting multiple offers.  It can take several (or more) offers on different properties before you end up with the winning offer.  This process can take anywhere from a few weeks to even a few months if you have you're very particular on what you're looking.

After your offer is accepted, you'll need about 30 days to close.  During that time you'll get your home inspection, appraisal, and final loan approval.  You'll want to have enough of a cushion that if the inspection doesn't go well, you'll have time to start over and pursue other properties.

Do you have enough time to buy a short sale?  It depends.  You can get short sale approval as soon as four weeks and as long as 6+months.  The first question to ask is how many liens/mortgages are against the property and with who?  If there's multiple mortgages that means more lenders that have to authorize the sale.  Which lender(s) also have a lot to do with it.  If you have an aggressive and experienced agent they'll be able to help you navigate the homes that may still be possibilities.

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