NORTHEAST FLORIDA NEWS

Realtor Alert!

According to the statistics quoted from the Internal Revenue Service, 1.4 million people have taken advantage of the generous first time homebuyer tax credit of $8,000. But now is the time to be very very cautious!

In order for this tax credit to be utilized by these buyers any purchase must be “completed by December 1”. So the expression “time is of the essence” is of ultimate importance. Anything sold or placed under contract at this time may not….likely not…make that deadline. This is a very important fact that must be disclosed and I would advise….disclosed in writing…to your customers if they are first time homebuyers!!!

Of course, there is lots of conversation about extensions, even increases…in the tax credit. But, and the BUT is really big…nothing is done until it is done…nothing concrete, no promises, no dates….

Nothing but talk.

Do everyone a favor including yourself….make sure that any first time homebuyers you are working with right now that want to go to contract understand that this tax credit is probably not going to work for them as long as all rules remain as they are. But you might also remind them, that in the coming months…that same house they may be able to buy today could be gone, more expensive, rates could be higher, – $8,000 may not be enough money to keep them from having their dream home if they find it.