15 days left for the tax credit!

As many of you are already aware the First-Time Home Buyer Tax Credit program ends November 30, 2009.  Only 60 days away.

Considering that in today's mortgage world it can take up 30 - 60 days to close on a home, the clock is certainly ticking and first-time buyers have at the most 2 weeks left to find a home.

In fact for the last two weeks some loan officer friends of mind have been referring buyers to me, because they know they can't meet the December 1^st deadline.  The bottom line is that buyers not under contract by October 15^th have a very small chance of meeting the deadline.

Buyers looking to purchase HUD owned properties and short sales need to understand that there is absolutely NO WAY they will close by the end of November.

There have been rumblings and rumors about this tax credit getting increase and/or extended.  The fact of the matter is that there are some bills on the table.   It is possible that the credit would be extended in its current form.  It is highly unlikely that the credit will be increase or rolled out to all buyers (congress has already shot down bill proposing this).  The main reason is because of the cost.  We (tax payers) have already spent 15 billion on the tax credit.  If they extend it a year it's estimated to cost another 10 billion.  Imagine how many billions more if it were rolled out to everyone or increase. 

I hear buyers talking about waiting because they heard the credit will be extended.  It has not been extended and I personally wouldn't bet 8,000 bucks on our government doing anything!

Why gamble and wait?  Rates are at historic lows, home prices are way down, & First-Time Buyers can get eight grand from Uncle Sam for free if they act now!

 

Hurry!  www.jeremydrobeck.com