Homebuyer Tax Credit Reminder

As you probably know, April 30th is the deadline for the Homebuyer Tax credits. You must have a valid contract by April 30th, and close by June 30th.

Here are a few things to keep in mind:

~Short Sales comprise a large percentage of the market.
If you place an offer on a Short Sale you probably will
not have an answer on your offer in time.
Have a back-up just in case, and get your offers in this week!

~Try and plan for bumps in the road.
If you wait until April 29th to make an offer, and it
falls apart because of inspection issues, or mortgage issues,
you will lose your deal and the tax credit.
So, try and get all the contingencies removed before the deadline.

~If you have already purchased and are applying for the tax credit,
check with your Accountant about how to file. My tax guy is
recommending that you don't mix your income tax refund request
with your tax credit request. File your return as normal, and
then file an ammended return for the tax credit.
If you file them together,you will wait longer to get your money.

If you have been thinking about buying - this is a great time to do it.
There is a huge inventory, interest rates are low, the tax credit is still available, and it is a Buyer's Market! Happy Hunting!