Massachusetts Home Buyers: Better Get an Offer in Quick if You Want the Tax Credit
We are coming down to the wire here folks. If you want to take advantage of the home buyer tax credit, you'd best submit an offer, because in two weeks you will have missed out.
In order to qualify for the tax credit, you need to have a property under contract (that means Purchase and Sale Agreement signed by buyer and seller) by April 30, 2010. Since it takes time to submit an offer, negotiate, and have your home inspection completed before you sign that Purchase and Sale Agreement, you need to get your offer in ASAP.
The attorneys and lenders are already busy. On one of my recent buyer transactions, the loan underwriter was already behind by three days. So don't make the mistake of thinking you can wait until April 30 to submit your offer.
Here is a typical timeline between Offer and Purchase and Sale Agreement:
Day 1: Buyer's agent submit offer to Seller's agent
Days 2-5: Negotiations ensue
Day 6: Once offer is accepted, it must be rewritten and signed by both buyer and seller
Day 13: Home inspection deadline looms
Day 14: Purchase and Sale agreement deadline looms
Buyers, you have less than 14 days to get an offer in, neogitate it, have your home inspection, and get that Purchase and Sale Agreement signed. Better get your offer in today. Good luck!
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Text and photos copyright Kathryn J. Acciari unless otherwise noted.
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Kathryn Acciari, RSPS, SRS, RESE, CFA
Century 21 MetroWest
45 Lyman Street Suite 14
Westborough MA 01581
Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough
Cell: (508) 982-0686