Military $8,000 first time home buyer tax creditPosted by Brett Tousley on Friday, April 15th, 2011 at 5:08pm.
The Military $8,000 first time home buyer tax credit deadline is April, 30th 2011. Eligible service members must have their home in binding contract by April 30th 2011 and actually close by June 30th 2011. You don't neccessarily need to be a first time home buyer to qualify either. As long as you have not owned a home in the past 2 years, you may qualify for the tax credit. You can read all the requirements here: http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Because time is so short, you'll want to spend your precious time focused on homes that have a realistic opportunity to make the deadline.
Forclosures: With the common delays when dealing with banks, time is running very short for anyone interested in buying a foreclosed home prior to the deadline. You better be writing offers in the next few days if you want to buy a bank owned home and meet the deadline.
Traditional resale homes: Traditional resale homes are a good bet for eligible members wanting to ensure they can take advantage of the $8,000 tax credit. Traditional sellers are quick to respond to offers and probably a safer option to meet the deadline. Make sure your agent understands the timeline and writes your offer accordingly.
New construction homes: New construction homes are still a viable option as long as it will actually be completed by the June 30th 2011 closing deadline. Lacey, Spanaway, Graham, Puyallup have plenty of newly constructed homes to choose from. One word of caution on new construction, remember who those "friendly sales people" work for. Their job is to get the builders home sold for the highest price possible. You'd be well advised to bring along one of my NW Home Brokers on your first visit. You may be surprised at all the extras you can get right now.
Condos: Don't forget about condos, current prices often allow you to buy a condo for less than you could rent a similar apartment. And of course you'll get the $8,000 first time tax credit if you qualify as a bonus.
If you think you may qualify and would like to take advantage of the offer prior to the deadline, you'll want to get the process started soon. Give us a call right away as time is running short to cash in on the Military $8,000 first time home buyer credit. We have experienced buyers agents available this weekend who can help you make that deadline.
Brett Tousley is the designated broker and owner of NW Home Brokers. He can be reached at 253-820-2745 or firstname.lastname@example.org
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