The first time home buyer tax credit is going to expire on November 30th, 2009. The credit may be extended and made available to all home buyers but nothing has been made official at this time. If you are a first time home buyer, do not delay in purchasing a home in Colorado Springs if you would like to benefit from the first time home buyer tax credit.
November 30th may seem far away but many lenders need at least 30 days for transactions due to the new loan disclosure laws. First time home buyers also need to allow enough time to find a property that meets their needs. Unless you can find a home quickly, it is wise to start the buying process now.
If you want to buy a home for a bargain, be prepared to compete against multiple offers on bank owned properties. Have a second option in the situation the seller accepts another offer for the home that was your first choice.
Although short sale properties can often be purchased below market value compared to other homes in the area, they do take longer to close. If you are just starting the buying process and want to benefit from the first time home buyer tax credit, a short sale may not be a viable option. If you do submit an offer on a short sale and the bank does not respond in a timely manner, you may not be able to close by November 30th deadline.
If you are a first time home buyer, start looking for a home in Colorado Springs today!