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Tax Credit Race... Is It Too Late to Win?

Written by The Serena Group, Agent in Bradenton

September 30, 2009 9:15 AM Home Buying in Bradenton

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It's a race to "beat the clock" for many home buyers who have been, up until now, hesitant to enter the current Real Estate market to purchase a home, but who don't want to miss the opportunity to take advantage of the $8000 tax credit for first time home buyers! (or a buyer who has not owned a principle residence in the past 3 years)

Is it too late? Well, that's not a question with an easy answer!

In order to close escrow on a home purchase before November 30, 2009... here are a just few tips to help you make your deadline! You must:

Get approved for your mortgage! Unless, of course, you are paying cash. This is very important because the mortgage process is more rigorous and it takes more time for mortgage approval now compared to years prior. Ideally, this should already be done, but if you still need to be approved, make sure to choose a mortgage lender who is locall and who has experience working with "First Time Home Buyers." Your Real Estate Agent will have several options for you... ask for them.

Work closely with a professional Real Estate consultant or team! Home inventories, especially in the ranges that most "first time home buyers" are looking in are "challenged" right now, so you will need someone looking out for your interest, with experience and vast knowledge of the area that you would like to live in; and who knows how to use all the resources available to find a home for you that meets your expectations and your needs in a "time efficient" manner. Communication is key! Make sure to choose an agent who is accessible by phone and email and who communicates with you consistantly and who is experienced with the process!

CHOOSE A HOME THAT IS NOT A SHORT SALE...Short Sales are NOT an option for you! Short sale home listings will not suit your needs because of the time involved in the process of "closing the deal" on a short sale home purchase. Typically short sales take anywhere from 60 to 90 days... or longer... to get to the closing table. Since a large percentage of homes in the lower price ranges are short sale listings, home buyers in those price categories will need to be informed QUICKLY of homes coming on the market in those ranges that are NOT SHORT SALES in order to be successful in obtaining an "accepted offer" in time to close by November 30th. Don't rule out "Inventory, New Construction Homes" or "For Sale By Owner Homes!"

Make sure you've scoped out options for "Home Owner's Insurance!" Especially in Florida during hurricane season... it's very important to get your insurance in place EARLY in the transaction! Ask your real estate or mortgage professional for referrals to insurance providers in your area.

Pick a "Title Agent" who has experience closing "Real Estate" transactions! The title company or agent is key to a successful, timely closing! They are the "go between" for the mortgage lender, real estate agents, home owner or condo association representatives... literally anyone involved in the transaction. They coordinate and monitor the progress of all of the parties involved making sure that everything comes together by the contracted "closing date."

These are just a few major hurdles facing you if you want to take advantage of the "Home Buyer Tax Credit" before it expires on November 30, 2009. "Time's a wastin'!"... get busy and you can WIN the race... today!