Looking to buy??a new home??? Well you better hurry, because??time is running out for first time home buyers to claim the $8,000 tax credit.????Passed earlier this year as part of the Obama administration's economic stimulus package, the tax credit, which is good for 10% of the purchase price, up to $8,000, expires on December 1st, 2009.?? The good part??? It doesn't have to be re-paid.?? The bad part??? That's only two and a half months away, 76 days to be exact.
While??two and??half months may seem like a long time to find a house, the average time it takes to close on a house after a contract has been signed is 90 days.?? And with banks generally??taking 3 to 6 months to approve a Short Sale, you may be cutting it a bit close.?? As you can see, the math doesn't quite add up.?? Our advice??? Get out there and find your new home soon, before time runs out!
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