As Spring starts to heat up the Seattle real estate market, home buyers should keep in mind the tax credit that may be available to them if they sign a contract to purchase a home by April 30.
First time home buyers still have the $8,000 tax credit available, and the new $6500 move-up buyer tax credit is available to those who have owned their current home for 5 or more years. There are many other rules involved, so read through them carefully, and consult your tax advisor (this is not tax advice, just a general outline).
The April 30 deadline requires that you have mutual acceptance between a buyer and seller by that date. You have until June 30 to actually close the transaction, which is ample time for the majority of transactions.
Buyers who are attempting to purchase short sales, however, should be aware that they very well may not close in two months, and a smaller percentage of bank-owned home sales also have long closings, depending on the lender. Be sure to consult with your real estate agent to make sure you're entering into a contract that is likely to close within the allowable time frame.
Sam DeBord is a licensed real estate broker with SeattleHome.com, a division of Washington State Realty, LLC. He is a member of the Seattle-King County Association of Realtors and a Green-Certified Pro.
Sam DeBord and Brian Wiegand
SeattleHome.com - Washington State Realty - (206) 552-8820
Real Estate Brokers, Realtors, Green Certified Pros
SeattleHome.com - Washington State Realty - (206) 552-8820
Real Estate Brokers, Realtors, Green Certified Pros
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