The Race for Free Money
Most of you have heard about the $8,000 buyer tax credit for "first time home buyers", and some of you have already gotten your free money (woohoo!). The rest of you have no idea what I'm talking about. If that's the case, listen up.
Take this quiz to see if you qualify:
(1) I want to buy a house and think I'm qualified
(2) I love free money, especially from the government
(3) I have not owned a home in the last three years, and neither has my spouse
If you answered yes to all three, then click here -
Home Buyer Tax Credit FAQ - because there are still a few more stipulations.
Here's the issue, however: The tax credit applies to those who purchase a home between January 1, 2009 and November 30, 2009. That means you have to CLOSE on your house by then...meaning you own it, fair and square.
But wait, you say, how can we possibly find and close on a house in two months?
Easy...start looking NOW and don't look for a short sale! Short sales can take months and months (like 3-9) to close, so look for a standard non-distressed sale. Yes, they do exist in south Florida, and you'd be surprised what a good deal you can find. Or look for a bank owned property, although those are much harder to find in the two weeks that you have to look. Remember it usually takes at least 30 days to close once you have a contract on a home.
There are rumors that this tax credit will be repeated next year. Not likely. Does the government cry wolf? Maybe, but why take your chances on next year when you can get in a great house and be guaranteed free money this year?