What You Must Know About the Tax Credit
I think people have been taking this recent tax credit for granted. They think that they have plenty of time to grab a house before the tax credit goes away in June.
Nothing could be further from the truth.
Here is what you need to know:
1) You must have an accepted offer by April 30th and a house closed by June 30th.
It is now a two-step dance, my friends!
2) Expect people to start panic buying in late March. This will mean fewer houses available and that you will need to act very quickly when you see a house that you like.
3) You should work backward from April 30th. If you need to have an accepted offer then:
a. Short sales may be tricky. You may get an accepted offer in time, but you may not close by June 30th.
b. Leave time for the bank to get back to you on your offer –that can take a week or two –if you are offering on a foreclosed property.
c. Start looking in early March. Expect 2-3 weeks of “shopping time.” Get those offers in no later than April 15th.
