
Photo Credit: smh.com.au
Hard to believe, but only two months remain before the November 30th deadline for earning the First Time Home Buyers Tax Credit. While that may still seem like quite a ways off, if you’re planning to join the 1.4 million American families who have already taken advantage of this popular incentive—but have yet to zero-in on a property—you may very well find yourself in a sprint to get your purchase in under the wire. This is not the sort of last-minute shopping that can be crammed into the few waning days before the cut-off date.
Even though the term First Time Home Buyer has been broadly interpreted to empower more people to qualify for the credit, if you truly are a first-time buyer you may not be fully aware of the time it takes to complete a real estate transaction. At this late date, you will ideally want to have your home picked out by early-October in order to close on it by mid-November; with an extra cushion of time left over to deal with any last-minute details.
Once you’ve found the right home, your work has just begun. In order for mortgage funds to be available at the time of closing, you must obtain a satisfactory credit report, a competent home appraisal, a commitment for home insurance, a complete home inspection and verification of personal data. Add to this the fact that you will not be alone in trying to accomplish all these musts as the deadline begins to loom large. Realtors, lenders, title companies, home inspectors and certified appraisers will no doubt be swamped by the last minute rush; in much the same way as car dealers were bombarded with buyers and a blizzard of paperwork as the Cash for Clunkers automotive incentive program entered its final days. (More …)