Alexandria VA First-Time Buyers Watching The Clock As
Tax Credit Deadline NearsEverybody wants to know whether or not the $8000First-Time Home Buyer Tax Creditwill be extended, and at this point, it's still in the air. Right now, no one can say for sure if Congress will extend the deadline for the tax credit, increase it, or even make it permanent.
But the deadline is near andAlexandria VAhome buyers have little time left to identify acondo,townhome, orsingle-family home. We're now in the second week of October, and November 30 is a little over a month and a half away. Realistically speaking, if your goal is to take advantage of the tax credit, then you need to look aggressively atAlexandria VA real estate, identify the property and submit a written offer, and be under contract by October 15!
Why, because you have to allow time for inspections, appraisals, and for your mortgage loan to be fully underwritten and approved. Just like banks are swamped withshort salesandforeclosures, you can bet thatAlexandria VA Realtorsand lenders will be swamped over the next 2-3 weeks trying to ensure that buyers who are under contract have asmooth transaction, with no delays that could jeopardize them taking advantage of the tax credit.
If you're consideringbuying short sales in Alexandria VA, know that there is no guarantee as to when the bank will approve the sale. As a buyer, your lender can only do the bare minimums on your mortgage loan if you have not received short sale approval from the seller's lender.
There's still time for you to take advantage of theFirst-Time Home Buyer Tax Creditand buy a home inOld Town,Del Ray,Kingstowne, orManchester Lakes. Here's a short video that will help explain how the credit works.