Tampa Bay Real Estate | A True Sense of Urgency for First-Time Buyers
The deadline is quickly approaching for potential home buyers to complete their first-time home purchases in order to qualify for the $8,000 first-time home buyer tax credit . Buyers who are eager to take advantage of this government incentive have until November 30th to reach a successful closing on their new home. The average home buying process typically takes 30 to 45 days from the contract date to closing. During that time, inspections must be conducted, the mortgage company must complete an appraisal and all financial documents are required. In order to meet the looming deadline for the tax credit, a home needs to be under contract not much later than October 25th in order to ensure enough time for the mortgage closing process. It's important for people to recognize that the sooner they act, the better. Many first time buyers may not fully understand the time it takes to finalize all the elements of the buying process. In order to avoid additional complications that may slow ...