As an agent working the Summerville Real Estate scene, I can tell you that I have worked with a lot of folks interested in that First Time Buyer Tax Credit. Even as of this writing (on October 11, 2009), I am being contacted by people interested in starting the search for their first home and wanting to close in time to qualify for the credit.
In order to receive the credit, a first time buyer needs to CLOSE on their home by November 30th! Time is short, but it can still be done if you move fast, are motivated and have an agent who is on the ball.
Here in South Carolina, it typically takes 30-45 days to close from date of contract. This is mostly to allow time to get your financing in order, but also to get your home inspections done. (If you're doing a cash deal, you can typically close much faster.) And closings are done by an attorney.
I just wanted to take a moment to remind people that November 30th falls on a Monday. And the Thursday prior is Thanksgiving! If you really want that credit, schedule your closing PRIOR to Thanksgiving which is November 26th.
Closing attorneys may find themselves busier than usual in November simply because of people trying to beat the tax credit deadline. Their offices may also be more lightly staffed much of Thanksgiving week. And of course, don't expect anything to happen the day of the holiday itself! Banks will be busy too and you need to know that the funds can be transferred on time to close the deal.
Sometimes things can come up at the last minute as well, pushing your closing back a day or more. Hopefully, this won't happen, but best not to wait til the last "hour" so try to schedule your closing as far in advance of the November 30th deadline as you can.
Better to be giving thanks for your new home and some extra cash then to be disappointed! Check with your agent, lender and lawyer to make sure you're on track to close in time!
Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
843-860-3901
www.SummervilleRealEstateOnline.com
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