By Douglas Boncosky
If you are thinking about buying a home and taking advantage of the Homebuyer Tax Credit of up to $8,000, if you wait too long, you could run out of time and your contract for purchase could go bad, the April 30th deadline may pass, and then you miss out on the tax credit.
For example, if you wait until April 15th to find a home to purchase and go under contract, if there are financing issues, home inspection issues or seller issues that come up after that contract that can't be resolved and that contract is cancelled, you may not have enough time to find another home and go under contract by the April 30th deadline.
When you go under contract to purchase a home, not all deals happen either because of financing issues, home inspection issues, seller issues, or some other unexpected or unplanned for situation that would cause that contract to be cancelled.
If your deal is cancelled shortly before or after the deadline of April 30, 2010 to be under contract to qualify, you could be out of luck. Remember, to qualify for the tax credit, you have to be under contract by April 30, 2010 and close by June 30, 2010.
Here's a backwards timeline:
April 1, 2010 - This date should be your deadline to find a home. This will allow time for the home inspection, time for any issues from the home inspection to be worked out, and time for the lender to conditionally approve your loan. If the deal falls apart, you still have time to find another home.
March 1, 2010 - Start shopping for a home. You may get lucky and find a home immediately and be happy with your choice. For others, once they start looking, they may realize that based on what type of home they are getting for their money, they may need to expand their search into other towns and neighborhoods.
Between work schedules and living life, the last thing one wants to do is be preasured to pick a home. If you are searching for foreclosures, you will definitely need to allow more time as someone else may come along, like the same home that you do and offer a bit more money stealing the deal away from you.
February 15, 2010 - Get Pre-approved. You will want to sit down with a highly qualified mortgage professional who will take the time to help you determine how much home you can afford to buy (you can read the article on this blog on "How to Find A Mortgage Professional"). You will need to allow a week for this process to take place as in some cases you can be pre-approved the same day, while in other cases it might take a few days.
Since this is February 1st, you will want to get the ball rolling if you plan to take advantage of the Homebuyer Tax Credit.
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