Time is “Of the Essence”
Posted On: September 15th, 2009 by James Posted In: Government Actions • Mortgage Rates • Portland Real Estate
We have all heard about the eight thousand dollar tax credit for first time buyers. Let me also be clear when I describe this tax credit as literally a CHECK FROM THE IRS IN THE AMOUNT OF $8,000.00 made out to YOU. In Portland, 99.99% of all properties will qualify for the full amount. Time is quickly running out on this program, the sun is setting! I have been hammering this all summer in my blog, but this will be the last time. The credit expires at the end of November 2009. That means escrow needs to be closed, and the transaction must be complete by the end of November. If we reverse engineer the timeline of getting from mutual acceptance to closed transaction, this would mean that you should be under contract by October 15th. This is exactly 30 days from today.
So if you are a first time buyer reading this, understand that you have 30 days to find and make an offer on your house. The sooner you do this the better off you’ll be.
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