While the official deadline for the 2009 First Time Home buyer tax credit is a home purchase closed BEFORE December 1, 2009, that’s not necessarily the “real” deadline.
In reality, it takes time to get through the contract to close process so even if the official deadline is November 30th, first time home buyers should really be aware that it’s going to take some time to get from contract to closing.
In the real world, the contract-to-closing timeframe is now anywhere from 30-60 days (30 being when all pieces fall perfectly into place with absolutely no delays or unforeseen stumbling blocks). 45 days from contract-to-close when buying a home in Charlotte NC would be a better reference point.
So, if it’s realistically going to take a month and a half or longer to get through contract-to-closing, the “real” deadline for qualified first time home buyers and the 2009 tax credit is actually more like the end of September, maybe early October but that’s cutting it close in my opinion.
Is it possible to find a house, negotiate, get under contract, through inspections, appraisal, any repair negotiations and issues, the mortgage process, clear to close and meet the official home purchase deadline in less than 45-60 days? It’s possible…..but here’s my questions: What happens when something goes wrong? When there’s a delay, a holdup, additional negotiations, more info needed by the lender, a survey or title problem, some issue along the way that throws up a roadblock or speed bump, even if it’s temporary?
For home buyers eligible for the 2009 first time buyer tax credit, just remember no matter what the official deadline is…the real deadline for having a purchase contract to buy a home in Charlotte NC is much earlier, in this case September/very early October 2009. If you haven’t yet, it’s also a good idea to check whether you do indeed qualify for the 2009 first time buyer tax credit.
Could the first time buyer tax credit be extended? I don’t know the answer to that. I do know I’d rather work with what we know today and not what “might” or “might not” happen. As of today the 2009 first time buyer tax credit deadline is fast approaching and the window isn’t as wide as it might appear if you’re not taking the contract-to-close process into account.
Related Articles: One Question Every Home Buyer MUST Ask Their Mortgage Professional!!!
Pre-Approval and Buying Real Estate in Charlotte NCCopyright©2009 by Diane McDermott, All Rights Reserved, “The “Real” Deadline for the 2009 First Time Home Buyer Tax Credit”