In a short 105 days it will be November 30th and the $8,000 first time homebuyers tax credit will expire. Whether the tax credit will be extended beyond November 30th, 2009 or whether a different version of it will be available are two questions I can not answer. Nor I am willing to go out on a limb and make a prediction.
What I do know is if I was going to be a first time home buyer I would not let an opportunity to receive $8,000 in FREE MONEY from our U.S. Government pass me by. After all $8,000 is a lot of moo-la and for the average first time home buyer it takes a long time to save up that amount of cash.
A couple of things to remember about the approaching November 30th deadline:
1. If you are in contract on a Spring Texas house but have NOT closed by November 30th, sorry but you DO NOT collect $8,000 from the U.S. Government. The tax credit is ONLY for homes purchased and closed by November 30th, 2009.
2. If you are in contract to have a Spring Texas house built for you but the house is not going to be ready until December 30th, 2009, sorry but you DO NOT collect $8,000 from the U.S. Government. Although you were under contract by November 30th, you did not close on the house by November 30th and the tax credit is ONLY for homes purchased and closed by November 30th, 2009.
3. If you are in contract on a Spring Texas house and your closing date is scheduled for November 30th, but the lender is unable to close on November 30th because he has not finished processing your loan, sorry but you DO NOT collect $8,000 from the U.S. Government.
No matter what the reason is and as unfair as it may seem, if you do not close on the home by November 30th you are not eligible for the first time home buyers tax credit. So don’t wait to the last minute or last day to close. You need to allow time for house hunting, negotiations, holidays, loan processing, and a buffer for when things take longer than expected.
Begin your search for Spring Texas homes for sale today to avoid missing out on your $8,000 in FREE MONEY!