Want an $8,000 Tax Credit? Buy One of the Homes for Sale in Southeast Michigan Now!

Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on February 11th, 2010

Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy one of the homes for sale in Southeast Michigan and receive an often badly needed $8,000 on their tax return.

Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.

If you’re hoping to buy a home for sale in Southeast Michigan and take advantage of the tax credit before the new 2010 deadlines, here are four  things to keep in mind:

  1. Two dates are crucial.  You must sign a contract before April 30.  The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage  before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
  2. Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
  3. Taxes must be mailed in.  Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
  4. Documentation is truly priceless.  Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.

You still have until April 30 to sign a contract on one of the homes for sale in Southeast Michigan to get the tax credit. Today’s real estate market is beneficial for buyers.  Put it to work for you!

If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at 248-514-2640 or email me at info@NorthWoodwardHomes.com so we can beat the deadlines.

Lee Morof sells North Woodward Homes in Oakland County Michigan

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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