How to Beat the Tax Credit Deadline

How to Beat the Tax Credit Deadline
It's not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.

Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, contact the listing agent with blunt but important questions that aren't likely addressed in the listing. These can include:

• Is there mold?
• A need for extensive repairs?
• Aging systems or appliances?
• Troublesome neighbors?

Buyers should factor in these questions before making an offer:

• How long has the property been on the market?
• Have there been any price reductions?
• Are there any offers written on the property?
• Do the home owners need to move by a specific date?

Other recommendations include:

• Provide buyers with as much information about financing as they need and that you can offer.
• Encourage buyers to begin the process right away.
• Make sure buyers are aware of who is responsible for closing costs since state requirements vary.

Source: Move.com, Scott Voak (09/23/2009)