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1st time home buyers tax credit expiring soon – here are some tips to help hurry along your purchase

September 22nd, 2009 · No Comments · first time home buyers, macomb county mi real estate market, Up to $8000 1st time home buyers tax credit

I’m one of the real estate professionals here in Macomb County that does not believe there will be an extension to the Federal first time home buyers tax credit.  Too much money has been spent in the last year with less money coming in.  The Federal government has to put a stop to it soon, and I think the tax credit will be one thing that will end as planned without an extension.

Just to be clear:  You have to own your home prior to December 1st of this year in order to qualify for the tax credit.  As the last week in November is Thanksgiving week plan on the title companies and lending institutions not working on the Friday after Thanksgiving (the last business day of the month.)   You’ll want to do your best to make sure that you can close on the home by November 25th.

Here are a couple of things you can do right now to speed up things:

Have your mortgage pre-approved. I cannot stress the importance of this.  Give your mortgage lender your last 2 income tax returns, last few bank statements and paystubs, and anything else they require to have a full pre-approval.   If they have all of this ahead of time you’re already in the “underwriting” loop.  Believe me, it can save quite a bit of time to have this process started.

Start looking at homes. All homes (with the exception of homes that are subject to a short sale.  Those take too much time and more than likely will not be able to close by the deadline.)   Also, note that the foreclosures are trickling on the market, not flooding it.  There are multiple offers on most homes, so be prepared to make an offer on a bank owned home that is consistent with market values.  Don’t make the mistake of thinking that an owner occupied home won’t be as good of a “deal” as a foreclosure.   That isn’t the case anymore.

Pick out a home inspector. Don’t wait until you’ve put in an offer on a home to pick out your home inspector.  Have one lined up and ready to go out for you quickly.   Each business day that you cut off from this inspection period is a day closer to closing on your home.

I don’t like to sound pushy or like an alarmist, but time is running out for this credit.   It’s a fact that none of us can change.

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