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Spot A Fake Rental

New California Forclosure Law!

Time is Ticking on $8000 Tax Credit

Many first time homebuyers (considered by the government as someone who hasn't owned a home in the past 3 years) know of the $8000 refundable tax credit available this year.

Working in the field I have discovered most haven't considered what that entails. The tax credit ends November 30th, which means that escrow must be closed by Nov 30th.

Since a large percentage of the homes within a new purchasers budget are now REO (bank owned) or Short Sales, the deals are taking longer to close than with a regular sale. It could be several months before close of escrow, add that with the time it takes to aquire financing (one or two weeks) and looking at property (another week or two).

In this scenario it would take 3 months if you started today, subtract that from Nov 30th and you get a deadline of August 31st. That leaves only a couple months to get your downpayment, check the details of your current lease (or find someone to sublet), clean up your credit, and make plans to move. If you want to catch the free government money the time is NOW!

Hello Blogging!

Just started this.. now you all get to see how the gears in my head work.