Last chance for first-time cash-The homebuyers tax credit deadline.
Like you haven’t heard enough about it. But, just in case one of you out there all of a sudden decided to buy a house (hey, people buy when THEY are ready), this sweet deal is about to disappear. I’m not going to go explaining it all over again (please go to; http://www.realtor.org/home_buyers_and_sellers to get all the details). The deadline is April 30. But, if you are highly motivated to find a home you want to buy, whether it’s in Williston Vermont, Wallingford, or Winnetka Illinois, you could still do it.
First, you won’t be able to do this if you are a repeat buyer and you have a home to sell for obvious reasons, unless you can afford to buy another home without selling yours first. So, you’ll need to run, not walk, to a lender who is very familiar with all the different lending programs; VHFA (for Vermont real estate), FHA, VA, and conventional loans. You’ll need to get a quick pre-approval as well as reasonable assurance that the loan of choice is going to have good odds of closing by June 30.
Time is running out for the $8000 home buyer tax credit
Of course, the bigger problem is getting a deal signed by April 30. That’s where I (and other buyer agents) come in. You’ll need to stack the deck in your favor by joining forces with a buyers agent who is going to spend quality time to help you find and visit the homes you want to see up close.
Once you find THE place, you’ll want help in structuring the offer based on comps, market conditions, and certain conditions (contingencies) that make sense for a particular property. The idea here is to be able to buy at the lower end of the price range without killing the deal with unreasonable offers.
Then, it’s off to the races after reaching an agreement (signed contract). The closing process can be smooth, or not. Again, a buyer agent can oversee this phase of the transaction to avoid any unnecessary delays. My point is there is no time to waste at any point in the buying process.
The question remains, what happens if you miss this boat? Will life go on, just like it did after Y2K? An $8,000 credit is nothing to sneeze at, but like we all know in the business, people buy whenever THEY are ready, not when some program says to. At sunrise, May 1, 2010, there will still be an ample supply of homes to choose from, prices will still be benefiting buyers after 2 years of gradual declines (No, not lake front!), and mortgage rates will still be south of 6%, which is really a very good rate historically. However, years from now, there will be those people who brag at barbecues that they got a great deal on a home, plus $8,000 free and clear from Uncle Sam, and are now living the American dream..right Ryan?
