If your considering purchasing your first home…don’t wait much longer to take advantage of the $8000.00 tax credit. You must meet the qualifications of the 1st Time Home buyer to Qualify. The tax credit is up to 10% of the purchase price of the property not to exceed $8,000.00 credit. A home with an $80,000.00 home price qualifies for the maximum credit…that’s like getting a 10% reduction in price without having to “haggle” over the price.
In today’s market, the home buying process can take 30 to 45 days.
What will take place during that time…
- You’ll need to open escrow with a “good faith” down payment. This down payment will be released to the seller at the end of the transaction as credit to the purchase of the property.
- As the buyer, you will have a specific time frame to complete any inspections. (California, allows 17 days after opening escrow to complete…upon which time has elapsed, you have essentially given up your right to cancel escrow should inspections reveal any non-disclosed issues with the property or you fail for any reason to secure financing.
1st time home buyers, this is great time to take advantage of a well priced home and get a perk of an additional refund that essentially lowers the price up to an additional 10% below the offer price.
