Window for $8000 first time buyer credit is rapidly closing

Whilst it still seems that many first time buyers are unaware that there is a $8000 tax credit available to them this year that window is rapidly closing. It is now August and to receive this credit the buyer must settle on or before November 30th. If it takes 45-60 days to reach settlement and many mortgage companies are advising it is taking longer to close loans and reach settlement because of stricter underwriting policies then that wndow to put in an agreement of sale is closing pretty quickly.

Buyers need to identify the home in which they are interested and make an offer. This is a liberal credit, what do I mean by that. Even if you have not paid $8000 in taxes you will get $8000 paid to you by the Federal Government. If you owe taxes, that will be deducted, so let's say you owe $2000 in taxes on your return, you will still get a check for $6000. It does not just reduce your liability it is actual money in your hand, thus reducing your outlay. many states and organizantions now also allow you to borrow that money ahead and use it as a downpayment as well. This varies by state and municipality so you need to check into this locally.

Also much of the press over the last week is indicating that prices are beginning to rise. The Case-Shiller index which has been notorious for being the most negative of all the indexes for the past 18 months says that a large majority of the cities they monitor are seeing price increases. So it looks as if we have reached bottom and the market is beginning to turn around even if slowly. so don't wait any longer, make a fair offer for the house you are interested in and the government will help you buy it if you are a first time buyer who has ot owned a home for the previous three years.