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Tax Credit Extension?

We keep hearing rumors that the first-time homebuyer credit (10%, up to $8,000 until 11/30/09) will be extended, and perhaps even expanded.  Whatever the decision is, we probably won’t know until it’s too late to take advantage of the current program. 

Buyer’s who want to take advantage of the current $8,000 incentive have, maybe, a couple of weeks to get a house under contract.  That leaves about 30 days to get the purchase closed and funded before the end of November, leaving a day or two for any surprises that arise along the way.   Don’t schedule closing for November 30 and just assume that everything will happen with no hitches.   With both real estate and mortgage professionals working on your side, there is every reason to expect things to go perfectly, but if the appraisal comes in low, or the survey reveals even a small encroachment, or if the title commitment discloses anything that concerns you, then you could easily lose a day or two, and the IRS won’t care whose fault it is if the sale isn’t completed before midnight on November 30.

In real estate, even more than most consumer businesses, “It ain’t over ’til it’s over.”  Plan accordingly and have the best professionals you can find on your side throughout the process.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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