As you drive around the Southside of Indianapolis, you may have spotted blue signs stating that your ‘Time Is Running Out’ for the $8,000 tax credit. These signs were created and put out by the Southside Housing Alliance to educate buyers that this tax credit program is coming to a close.
The First-Time Home Buyer Tax Credit Program only applies to homes purchased between January 1, 2009 and December 1, 2009. It is true that December 1st is several months away; however, you should not wait to get started. Let us show you why…
Your Closing Date: Mid to Late November – The home must be closed by December 1st, so your closing date will be the end of November. The target closing date should be set for the middle of November at the latest to allow for any mishaps that may come along as you do not want to become disqualified for the $8,000 based on a postponed closing date. Also, the earlier you close, the sooner the $8,000 tax credit can be issued (if applying to the 2008 tax year).
Offer Accepted: Early to Mid October – After an offer is accepted, there are many items that must happen before you arrive at the closing table. This process takes a different amount of time depending on your unique circumstances; however, typically the ‘pending’ period is between 3 and 6 weeks after an accepted offer. During this time, home inspections are conducted, repairs may be made, loan financing is processed, legal title searches are conducted, etc.
Offer Negotiations: Late September to Early October – Negotiating the offer is sometimes very simple while in other cases, it can take many offers on many houses before a deal comes together. How long you need to allow in your personal home buying timeline depends on the offer you intend to write, the sellers reaction to the offer (which you won’t be able to know in advance) and the amount of ‘give’ between the two of you. Some deals come together immediately and some never do.
Finding the Perfect Home: You don’t want to be rushed during this step! – You are already down to only 8 weeks! Don’t wait another day, call your Realtor today!
David Brenton’s Team is experienced helping first-time home buyers find their dream home, negotiate the terms of the sale, and getting the deal closed. With a limited time left to take advantage of this $8,000 tax credit, don’t wait any longer to start looking for your dream home.
For More Information on the $8,000 Tax Credit:
Realtor.org – 2009 First-Time Homebuyer Tax Credit and How to Get the First-time Homebuyer Tax Credit?
Southside Housing Alliance – Time Is Running Out – $8,000 Tax Credit
