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tax credit is $8,000. Is there time to get it before November 30th

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August 23 2009 - Freehold
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Answers (8)

Hello 09,

Here's a link to some short video that may answer your questions about the $8,000 Federal Housing Tax Credit.

www.StraightForwardVideo.com
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August 26 2009
better hurry, with the holidays in line, banks are taking longer and longer to close loans...

good luck
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August 25 2009
The tax credit is valid until the 30th of November so there is still time, buit the clock is ticking.  Most loans will take 30 days AT LEAST to process and to be on the safe side you should consider giving yourself 45 days.  Inevitably in this market something may go wrong and create a delay on your closing.  I would recommend that you try to locate and negotiate the terms of your first home purchase by September 30th, giving yourself 60 days to close and still being able to capture that credit!  GOOD LUCK! 
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August 24 2009
Dear 1st-time,

Yes. You still have time to purchase a home. Even with getting a mortgage, generally you just need to give yourself 6 weeks. The scenario where you may have some concern is if you try to go with a short sale. Those can take much longer than 6 weeks - not saying it definately will, but it's more likley to take 2-4 months to complete a shortsale.
If you force that particular seller into a short sale scenario, you may save on the asking price but lose the 8k tax credit. You have to ask yourself what you're willing to compromise on.
Best wishes,
Kimberly Thomas,
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August 23 2009
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Possibly the seller may have another home they bought or lost a job??? Since we saw the home our agent mention the seller's agent was eagerly interested on our decision for about a week. It could be that the agent wants to make a sale also, if they have a certain amount of days on contract.. It has been on the market for 2 1/2 months now.
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August 23 2009
Why does your agent think you could bid lower if the homeowners would end up losing money on the deal? Sounds like their counter-offer was the lowest they might go, unless this unit is falling into foreclosure.

Up here in Minnesota townhouse developments tend to be large and very much cookie cutter (all the same). If this one didn't work out, keep an eye out for another one.
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August 23 2009
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We had a townhome in mind and put in a bid. The seller counteroffer by taking 15K off the asking price. It's the same amount of money they paid when they bought this place 5 years ago. My fiance' realized that he overbid and pulled out of the contract. By the tone of our agent, we could have bid for lower. If we wait for thirty days does that still give us time for the $8000 if that home is available?
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August 23 2009
Yes, if you pay by CASH you need about 2 weeks for closing (the time from the offer is accepted to closed escrow), if you financing then you need at least 6 weeks for the loan and escrow to go through, that mean you have from 6 to 10 weeks to look for the house.
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August 23 2009
 
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