1st time home buyers program

With the 1st time home buyer tax credit coming to an end, What should a 1st time home buyer do to get everything in order to take advantage of this program?
  • March 02 2010 - Orlando
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Answers (7)

Profile picture for Mark LeMenager
Buy quickly.  Forget about short sales.  Stick to REOs and normal sales.
  • March 02 2010
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Must have your offer in no later than the end of April to get the credits...must close by June 30th!
  • March 03 2010
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Offers 30% over the asking price with all cash offer!
  • March 03 2010
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Don't rush into buying a home just for this one tax "credit"
  • March 03 2010
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The first step they should do is get preapproved.   Once preapproved, they should start searching for a home soon with their realtor.   I would avoid short sale listings.    The short sale process may move the closing date beyond the 1st time Home Buyer Tax credit deadline date.

  • March 03 2010
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Profile picture for dacolan
What will happen to house prices once the tax credit/buyers bribe expires and the Fed stops buying GSE debt to keep interest rates artificially low?

Less demand.

What happens when the significant wave of foreclosures that Freddie Mac CEO warned of last week is added to the housing market inventory?

More supply.

And what happens to prices when demand falls as supply is rising?

You don't have to be an economist to project what's to come in the residential RE market. Don't be taken in solely based on the expiration of the housing tax credit.
  • March 04 2010
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Profile picture for sunnyview
1st time home buyers need to make sure that they are ready to buy and not feel pressed by the buyers tax credit to buy now. Buying a house should not be the financial version of a shotgun wedding. If you don't agree, just talk to one of the millions of people who bought so that they wouldn't "be priced out of the market forever" in 2005/2006. They are now either getting a divorce from their house or just living miserably with the house they bought unable to separate due to finances.

Buying a house can be great when the decision is made for the right reasons, but no one should be made to feel like this their only opportunity to buy.
  • March 04 2010
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