Alexandria VA First-Time Buyers Watching The Clock As
Tax Credit Deadline Nears

Everybody wants to know whether or not the $8000 First-Time Home Buyer Tax Credit will be extended, and at this point, it’s still in the air.  Right now, no one can say for sure if Congress will extend the deadline for the tax credit, increase it, or even make it permanent.

But the deadline is near and Alexandria VA home buyers have little time left to identify a condo, townhome, or single-family home.  We’re now in the second week of October, and November 30 is a little over a month and a half away.  Realistically speaking, if your goal is to take advantage of the tax credit, then you need to look aggressively at Alexandria VA real estate, identify the property and submit a written offer, and be under contract by October 15!

Why, because you have to allow time for inspections, appraisals, and for your mortgage loan to be fully underwritten and approved.  Just like banks are swamped with short sales and foreclosures, you can bet that Alexandria VA Realtors and lenders will be swamped over the next 2-3 weeks trying to ensure that buyers who are under contract have a smooth transaction, with no delays that could jeopardize them taking advantage of the tax credit.

If you’re considering buying short sales in Alexandria VA, know that there is no guarantee as to when the bank will approve the sale.  As a buyer, your lender can only do the bare minimums on your mortgage loan if you have not received short sale approval from the seller’s lender.

There’s still time for you to take advantage of the First-Time Home Buyer Tax Credit and buy a home in Old Town, Del Ray, Kingstowne, or Manchester Lakes.  Here’s a short video that will help explain how the credit works.

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