$8000 Homebuyer tax credit - Only 61 days left to cash in on it

in the Michigan real estate market. Yes time is running out on 2009 first time homebuyer tax credit. Only 61 days to have a signed purchase agreement and 30 days to get the mortgage done. So many people are forgetting that on the average it takes a month to get a mortgage completed.

If there is no extension to the first time homebuyer tax creditthe deadline to purchase a home is December 1, 2009. That means you have to close on the home by December 1, 2009. Not be in process with the mortgage. Not sign the purchase agreement. The HUD 1 settlement statement has to be from before December 1.

So if you have been waiting around or not actively looking for a house because you thought you had lots of time..... Get going. On the average most first time home buyers take from one month to three months to find a home.

As of today in the Michigan market you have 61 days to buy a home if you need to have a mortgage! 61 days. And the second reason to get out there looking right away is that all the first time homebuyers are going to be scrambling to find a house in October. I think there might be some bidding wars on the nice houses.

So don't wait to the last minute and miss out on the first time home buyer tax credit.

Russ Ravary your Metro Detroit real estate agent

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