DENVER, CO - Time is running out for first time home buyer's to claim the $8,000 tax credit

As the November 30th deadline for the $8000 first time homebuyer tax credit approaches, realtors say people are still waiting to close on their homes. If anyone is looking to buy a home under this program they need to go in prepared with a pre-approved lender letter and be under contract before the last week of October. Sandy Trujillo of Metro Brokers says, "It takes probably about 30 to 45 days to close a transaction. There's issues that come up at times between the inspections, appraisals, underwriting conditions that you can't anticipate and so you need to have a little extra time built in there to make sure that all the details are taken care of." Trujillo has seen an increase in multiple offers on bank-owned and HUD homes and growing interest in the areas outside of Denver. Homes in the $200-299,000 price range such as in Aurora are great buys right now. The National Association of Realtors is working adamently with Congress to get the program extended but Trujillo says if they do extend it, there is no saying how long it will take. News of any extension could be delayed as close to the Nov. 30 deadline as possible. Trujillo states that to keep a since of urgency for the buyers, it is in the plans best interest to prevent sales from stalling and keep the buyers guessing. Something must be going right because the IRS says 1.4 million first time buyers have claimed the $8000 tax credit.

Posted in Industry Leadership, Announcements, Buyer Resources

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