Saturday, September 12, 2009

Tax Credit Countdown - It's Not Too Late

Home buyer tax credit countdown is underway.

The first-time home buyers tax credit ends Nov. 30. That means a buyer must close on a property on or before that date in order to qualify for the $8,000 credit. Is it possible to buy in the next two weeks and still close in time to collect it? Some professionals say yes.

"It still can be done in six weeks," says Sibcy Cline Realtor Michelle Sloan. "I suggest buyers have an accepted contract in place with a seller before October 15th, to be sure they will close in time."

Economist Kevin Gillen of Econsult predicts a mad rush to close as the deadline nears.

Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit. Legislation to do that is critical, he says, because the recovery has so far been mostly jobless and people need more time to get their feet on the ground in order to buy.

No comments:

Post a Comment