Only 3 Days Left For Home Buyers!

Sacramento home buyers have only 3 days left to qualify for both the Federal and State Tax Credit which combined equal $18,000.  Not too shabby!

It’s important that you realize that in order to qualify for both, you must have been accepted with what we call a ratified contract by the seller and escrow open in order to qualify for the Federal Tax Credit of $8,000.

The $10,000 does not start until May 1st so it’s important not to close until after May 1st in order to have this State Tax Credit combine with the Federal Tax Credit.

One of my home buyers was accepted last month and was suppose to close April 29th.  If it doesn’t close on April 29th, the seller will fine my home buyers $100 per day for every day after the 29th.  After speaking with their tax consultant and finding out that they qualify for both the Federal and State Tax Credit, they decided that a fine would be worth paying in order to get an additional $10,000 (State)  added to the $8,000 (Federal).

My Bay Area home buyers are thrilled that they can get an $18,000 tax credit.  Tomorrow they signs their loan documents and the bank will fund the loan on the 30th and record on May 3rd.  Congratulations Mike and Flora, good timing!

Since it is late in the game for those home buyers who have not been accepted nor have a ratified contract, the only solution for those wanting to take advantage of getting the $18,000 tax credit would be to place an offer on a traditional home sale where the seller can accept your offer quickly or possibly with a bank owned, foreclosed home.  Short Sales would be out of the question since until the bank accepts the home buyers offer there is not a ratified contract. And we all know how long it takes to get a Short Sale accepted by the bank.

I strongly recommend that Sacramento home buyers not let this one slip through your fingers.  This is a terrific opportunity for Sacramento home buyers.  It’s not everyday you are given an $18,000 tax credit.