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pressed for time - $8000 tax credit

what is a realistic purchase turnaround to take advantage of the $8K tax credit if I'm starting right now?
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July 29 2009 - Great Barrington
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I dont know is it just me or everybody here write anything but answer to this question? Plus I think some agents or not in MA or copy/paste info which they have no idea what all about...
Realistic turn around if everything ok and buyer pre-apprived and instections fine, finincing smooth  - 45 days for single family (that is with our company, I dont know about the rest). And there is always a chance something can go wrong and you cannot count that - thats it I calculate closing date and this is time frame - before you got to that point.
With condo and FHA loans all process can take longer then for single family, but there are some things that can get done to speed that up. Talk to your RE agent and to your mortgage broker about that, they should advice you how to win the time right from the begining.
But its true that time is getting really tight.
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February 10 2010
These are the relatives you cannot buy a home from and still claim the credit.

Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren etc)

Step parents are allowed. Brothers and sisters are allowed. For any work arounds, you would need to contact the IRS.

IRS form 5405.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html


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July 30 2009
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If you are buying from a close relative, you may not qualify.

Call the IRS to be sure before you try to file the forms incorrectly, or find that your transaction cost you more than you expected with no tax benifit.
(800)829-1040.

They administrer the tax code, so they are most qualified to answer.  It doesn't cost anything to call; they are not exceptionally busy right now, and you can call anytime.

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July 30 2009
To take adavantage of the Tax Credit escrow must be closed by November 30th.  Estimate 30 - 45 days to close.  Best not to rush and average 45 days. Meaning having an accepted offer which is either an REO or Regular sale you must have offer accepted around the middle of October at the latest.  However, if you are in a Shortsale transaction this can take 4-5 months, can be a little earlier depending on the communication of all parties and how motivated the bank is to close this deal.  Hope that sums it up.

Best of luck to you

Dawn Welch
Realtor, CDPE
dawnwelch4homes@gmail.com
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July 30 2009
Yes, I was just thinking about my earlier post and had realized that I had made a mistake...sunnyview and BMFPitt are correct...I came back to clean it up and see that they did it for me.
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July 30 2009
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Assuming you are already preapproved, figure 30-60 days to get your offer accepted, 10 days to get the inspections done and 30-45 days to get the escrow closed. For existing houses, I believe that you must buy BEFORE Dec 1, 2009 to claim the credit. You can read more in this IRS FAQ here

PS If you have a link Mr. Polk that shows that the buyers credit is good to 12-31-09, I'd appreciate you posting it so I can bookmark it.
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July 29 2009
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I am truly amazed that with every agent in the country parroting the $8000 bribe, seemingly less than half of them know what the actual deadline is.  I have to give extra credit to Cory for giving the wrong date in a post where he tries to correct someone that was giving an incorrect date that would at least still get you your bribe.
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July 29 2009
Ok the last post is incorrect...you have until 12-31-09 to close escrow,short sales are lengthy, so purchasing an REO or an actual seller is preferable.
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July 29 2009
If you are aggresive with your Offers and not shopping for Short Sales you can close within 30 days. You have until Nov 31st, 2009 to close escrow to be eligible for that $8000 tax credit. That would put the date you need to enter escrow at Nov 1st.
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July 29 2009
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I should have prefaced it with that the purchase is from a family member at some discount.
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July 29 2009
I have first time buyers working with the same time frame.  Short sales are a risky adventure and recommend staying away from them.  You can manage the time much more effectively with a resale and with a lot less stress than a short sale will bring.  Only 20% of short sales ever reach closing.

Thanks
Kimberly
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July 29 2009
Hi There

Depending on the purchase property (short sale, foreclosure or regular resale) you could comfortable expect to by a in your new home (if purchased by the end of August) by sometime in October.

You have time, but I would get yourself pre-approved with a reputable lender and work with your Realtor on getting yourself out there and looking for the right home!!

Good luck!!
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July 29 2009
 
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