Senator Johnny Isakson spoke to Realtors yesterday at the Atlanta Galleria and gave us some good news for the future. He is working hard to extend the deadline for the tax credit and even better, he is trying to get it to include ALL homebuyers as opposed to just first-time homebuyers as it now stands. I don't know your price range, but if you are in the typical first-time homebuyer price range, I know you have seen some pretty"un-desirable" properties. I have been working with buyers a lot lately in this scenario and know that the flood of foreclosures and short-sale properties are not in move-in ready condition. And when you do find a good property, they sell quickly. So I can understand your frustration.

If you're not closed on or before November 30, 2009, you're out of luck. If you don't have a house under contract by September 1st, you might not be able to close by November 30th (unless you're paying cash). If you want to claim the tax credit it's my opinion you need to get going.

The transaction needs to be completed by December 1, 2009. There is a great website that answers most common "firts time home buyer incentive" questions. Consider viewing it and using it as a future reference.
http://www.federalhousingtaxcredit.com/2009/faq.php

Good luck with your search.....keep looking, it's out there

Bill

The federal tax credit of $8K (link below) expires on 12/1/2009, Honey. In my humble opinion, if you haven't gotten a binding agreement date before 10/16 you may have trouble actually getting closed in time. A recent buyer I worked with who was pre-qualified, had stellar credit, a solid work situation and money in the bank took almost 40 days to close an FHA loan. If there is a crush of people who have waited to purchase and still want the credit, look out! My daughter bought a home in the Kennesaw-Acworth area a couple of years ago, so I know the area well. With the right agent, you should have no problem finding a property in the next 45 days. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

Actually, it has to be closed prior to Dec. 31.. and it might be a few days before then.

December 31, 2009. There is also an $1800 tax credit with the state. Are you working with an agent? I am a short sale specialist with Prudential in Townelake. My team just picked up three new foreclosure listings this week from Wachovia. There are some really good deals out there. I work from Canton to downtown Atlanta. Let me know if I can assist you. Good luck with your search.

Chad Swoszowski
cswoszowski@prudentialgeorgia.com
678-697-0382