Two versions of tax credit are running out. The Maximum credit of $8,000 for first-time buyers or the $6,500 credit for current homeowners. These credits applies only to the purchase of a new principal residence costing $800,000 or less but you must be under contract by April 30, 2010 and close the transaction by July 1, 2010.
Streamlining the purchase process is a must in order to meet the time requirements. So what should you do?
1. Get to know your market - Use my website property search to narrow down your choices currently on the market.
2. Line up your financing - If you need help send me an email and I will referred you to a loan officer ready to facilitate your loan.
3. Start narrowing your search - Decide specifically where you want to live and how much do you want to invest.
4. Separate needs from wants - Decide what features you must have vs. the ones you can live without.
5. Consider condition - Can you tackle or have the resources to fix up a home that needs repairs.
6. Keep things in perspective - Don't make the wrong decision just because you desire to take advantage of the tax credit.
7. Leave time to handle standard contingencies - Contingencies take time, the more you have in your contract the longer the time required to close the transaction.
8. Be careful of short sales - Short sales requires approvals of the contract by different parties and the time frame to obtain those approvals are normally very long and require a lot of patience and knowledge.
If you need help and require specific information about the tax credit program send your questions and concerns to mbracket@hotmail.com
3/31/2010
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