Welcome Home San Diego County

First Time Buyer $8000 Tax Credit Deadline

You might be thinking you still have plenty of time to find and purchase that first home to be eligible for the first time buyer $8000 Tax Credit, after all its only August. 

Well you better take a look at the calandar.  The deadline for this tax credit is Midnight November 30, 2009.  That means you need to CLOSE ESCROW by this date.

So lets start counting backwards from November 30th.  Lets assume your escrow period is 45 days,(maximum scenario).  Ususally you can get it done in 30 days or less, but unforseen situations do arise to increase that time, so lets play it safe and say 45 days.

That puts us at October 16th to open escrow.   Prior to that you can figure somewhere between 5-12 days between acceptance and fully executed contracts between buyer and seller.  So now we are at  October 4th.

Prior to putting that offer in, you will probably visit anywhere from 10-50 properties before finding that perfect one, and possibly put in 3-7 offers before finding one that will actually get accepted.

The competition is fierce right now.  Well priced properties are receiving multiple offers, and usually well over asking price.  

You need to put in your highest and best offer right off the bat.  There will not likely be negotiations until the seller decides which offer to accept, and then they will lay out the terms of the contract, and you will need to accept them or they will move on to the next offer.

If you look at 5 properties everyday for 10 days in a row, (and that is not realistic) and put in at least 5 offers  with a wait time of 2 days between each of them, you are looking at about 20 days. 

That now puts us at September 14th as the latest possible day to get started shopping for your dream home to be able to close that escrow in time to be eligible for the $8000 tax credit.

This is just an average scenario of current time frames for purchasing a home, it could take more or less time than this to aquire that first home.

The point you need to understand, is that you have a little less than a months time to get on the ball and start shopping for that first home for yourself.

If you havent already started and arent sure what to do first, give us a call and we will take you by the hand and guide you every step of the way. 

We specialize in First Time Homebuyers and know how important this is to you and how tedius the whole process may can be.  

We are here to help, we make the process painless and worry free, and we answer our phones, give us a call.

Pam and Joanna
760-580-1615 or 760-580-1630