Wednesday, January 06, 2010

Home-Buyer Tax Credit Revisited - Time Running Short

Thinking of buying a home for sale in the San Fernando Valley?  In order to get your hands on the $8,000 tax credit you have to be in a contract by April 30, 2010 and close by June 30, 2010.  If you are thinking of buying a short sale home, you will need to get into a home very quickly.  It usually takes anywhere from 4-6 months to close on a short sale.  If you plan to purchase a short sale home, you will need to be in escrow very soon or your chance of securing the $8,000 credit could be at risk.

The number of bank owned homes for sale in the San Fernando Valley has been reduced as lenders are trying to find ways to keep home-owners in their homes.  Read this article:
http://estatesla.blogspot.com/2010/01/san-fernando-valley-market-update.html

Search for bank owned homes in the San Fernando Valley.

GENERAL GUIDELINES FOR FIRST-TIME HOMEBUYERS

• The $8,000 tax credit is now available for homes purchased before April 30, 2010 and closed by June 30, 2010.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the tax credit.

• The $8,000 tax credit is for first-time homebuyers or someone who has not owned a principal residence during the three-year period prior to the purchase.

Please consult with your tax advisor to see if you qualify for the tax credit.

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