Goodbye $8,000 Homeownership credit.

Yes it’s true. According to the National Association of Realtors, the last day to take advantage of receiving a check for up to $8,000 for buying a home as a first-time homebuyer (barring any rumored extensions) is November 30th , 2009. I know what your thinking “I thought it was December 1st?”

Technically the language is, before December 1st. So to be eligible to receive the credit by the end of this year you must have a closed deal – keys in hand – with all papers signed and submitted by November 30 2009 at 11:59PM. After that, the check you’d been banking on from the government turns into a pumpkin.

Given that it takes on average 45 days days to close on a home you’ve put an offer on, your most likely deadline to get an offer in is October 15.  So time is tight. Some savvy sellers are beginning to become aware of this situation and are taking their place at the drivers seat of these transactions. Goodbye buyers market?

Not quite yet, but it’s not too late to take precautions to get the home you want and position yourselves to get that check by the end of the year. Realtor John MacGilvary offers 3 suggestions for first-time buyers:

1. Write a heart-felt letter to the seller letting them know how much you love their home and that you will take great care of it.
2. Structure your initial offer with your very best price and terms.
3. Be prepared to make offers on a least one home per week until you find a seller willing to work with you.

These are tips to literally take to the bank.

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