Atlanta Home Buyer You Must Be Under Contract By April 30, 2010 for $8,000 Federal Tax Credit

Atlanta Home Buyer You Must Be Under Contract By April 30, 2010 for $8,000 Federal Tax Credit

Home buyers in Atlanta Georgia need to put their home buying efforts in high gear to meet the April 30, 2010 deadline for homes to be under contract to qualify for the $8,000 Federal Tax Credit.  Home buyers will then need to close in 90 days.

NEW CONSTRUCTION

 – New home inventory is going fast.  I met with a national builder this week who is projecting new starts WILL NOT be finished in time to close before the deadline expires.  So, you are essentially looking only at a Builder’s standing inventory to be on the safe side of the Federal deadlines.

RESALES – 

What about resales?  Yes, there is substantial inventory on the market right now.  BUT, much of it is not the best quality inventory.  I project the first two weeks of March will see substantial Buyer activity and the best inventory will move first.  Then there will be “projects”, homes still priced above the market and homes with some objections left to deal with.

SHORT SALES AND FORECLOSURES – 

Short sales will need to get started right now to close before the 90 day deadline after April 30th.  It takes months for the short sale banks to get back with a response.  DO NOT wait until the last week of April to get your offers in to SHORT SALE lenders.

Foreclosures are the same as short sales.  Get offers in well before the April deadline to get answers back from banks in time to be under contract by April 30th.

SALLY ENGLISH AND THE ENGLISH TEAM –

Sally English and The English Team, Atlanta real estate agents,  specialize in homes and neighborhoods convenient to Emory University and the CDC.  Call us at 404-229-2995