Keller Williams Realty Atlanta Legal Tip:

 First-Time Home Buyer’s Tax Credit – Don’t Wait Till The Last Minute!

If you are a home buyer who intends to take advantage of the $8,000 federal tax credit for first-time homebuyers, you need to schedule your closing for no later than Friday, November 20th.
 
The following week (November 23-27) is Thanksgiving week, containing one or more holidays.
 
The deadline for the tax credit is Monday, November 30th, following the Thanksgiving weekend.
 
There are many issues that can delay a closing, including:
 
1.     Final loan approval and funding;
2.     Appraisals and final inspections;
3.     Repairs;
4.     Availability of purchaser’s funds, especially if coming from a previous sale;
5.     Short sale or REO approval on seller’s side;
6.     Pending title issues or clearance, including payoffs.
 
Remember that the lenders, appraisers, inspectors, and closing attorneys will be especially busy in late November, and there is no reason to handicap yourself by waiting until the last minute.
 
Also, if you have a closing scheduled in late November and you are not a first-time homebuyer, you might be delayed because the lenders are concentrating on the customers with this deadline.
 

 
Presented by Leigh Clack, Attorney
Neel & Robinson, Attorneys at Law LLC
lenox@neelandrobinson.com
404-705-3690    fax 404-705-3697
22 Lenox Pointe, Atlanta, GA  30324

Tags: atlanta real estate legal tip, first-time home buyers tax credit, keller williams atlanta, keller williams realty atlanta, Leigh Clack Neel and Robinson, neel and robinson atlanta

This entry was posted on Friday, October 23rd, 2009 at 9:33 am and is filed under Legal Tips By Neel & Robinson. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.