If you’re a first time buyer wanting to take advantage of the $8K tax credit and get a deal on a foreclosure or short sale, but you haven’t already made an offer, you’ve run out of time. To qualify for the $8K tax credit, you must close on your home purchase by November 30th at the latest.
That means you need to be under contract (have a signed contract with a seller) by October 1st, if you’re using conventional financing. If you’re using FHA financing, you need to be under contract by September 1st. If you go past those dates and an unexpected delay arises, you could risk missing the November 30th deadline for the tax credit!
Either way this gives you less than 2 months to get a reply to your offer from a bank or lender, not an unusual amount of time. I have a buyer who put in an offer on a short sale over a month ago. At the time the listing agent informed me that the first offer had been submitted 2 months earlier. So it’s been over 3 months since the first offer and no response from the bank yet!
You may have missed out on foreclosures and short sale bargains, but don’t miss out on the $8K tax credit! Contact me now so we can get you in your new home before the end of November and get you the tax credit you’re entitled to!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
