UPDATE: $8000 Homebuyer Tax Credit Countdown is on!

UPDATE:  An extension is in the works for the extension of the $8,000 credit.  There may be a vote as early as this week to allow an extension of the credit into 2010.   Despite many saying this is a done deal, it is not!  No votes have been taken, and the final form is yet to be determined.

Another proposal under this extension would benefit those who are are not first timers.  Non-first timers can qualify for a $6500 credit by purchasing a new home.

As details become final, we will report them here.  Stay Tuned!

The $8000 first time homebuyer tax credit is in the home stretch.  Scheduled to end on December 1st, the time is running short to get your FREE CASH.

The truth is, in order to receive this credit, you must close on a property by the end of November.  Realize, the demand is going to be huge, lenders have cut staff significantly, and the process is likely to take longer than usual.  Thus, here is our recommended time line.

1. Close by November 15th.  Thanksgiving is at the end of November, and will toss a wrench into many peoples time lines.  There will be much less stress if you get this done a little early.  Those who wait until the end can find themselves losing out on the credit due to no fault of their own.  The stress on the system could be significant.
2. Complete Due Diligence by November 1st. This means all your inspections, appraisals, title review, and MORTGAGE PAPERWORK needs to be complete by this time.
3. Contract to Purchase by October 15th.  You need to have a home picked out, and under contract by this date.  Much later, and meeting the rest of this time line could be challenging.
4. Start Your Home Search by September 15th.  We want to give ourselves a few weeks to search for the perfect home.  We have been known to do it over a single weekend, but scheduling issues and your needs may extend this process.

There you have it.  The countdown is on.