Time's Running Out – first time home buyer credit

Townhomes Portland OR

It’s August already, summer about gone and fall fast approaching.  Sure we’ll have some more hot August days, and a few in September but before long November 30th will be here, and then gone.  That’s important because the $8000 credit, the Feds are giving first time home buyers will be kaput on December 1st.

And since it’s taking longer to get all the paperwork, loans, appraisals and inspections completed to buy that house – as long as 60 days in some cases, more typically about 45 days – that really means first time buyers may not have much time  to act.

Count backwards from December 1 and see what happens.  If you allow 45 days AFTER you locate the house you want to purchase, that means you, the buyer, need to have an accepted offer no later than October 15th. 

The way time flies, that’s not much time to act.  If you are planning to take advantage of the first time buyer credit, and have questions about how it works and what it means, I encourage you to watch the video.

$8000 Tax Credit (Re/Max Agents Know)

Oh, one more thing – the rumors that the credit will be renewed? Or increase if renewed?  We don’t know. I encourage you to make your decisions based on today’s conditions and your individual situation.