Short Sales and Homebuyer Tax Credit

Posted on 09 April 2010 by Aaron Hofmann

You may be in the market and wanting to take advantage of the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit and have heard the horror stories about short sales and how long they can take to complete.

With the tax credit deadline looming at the end of the month, it’s a natural reaction to think that you should exclude short sales from your options.

But, don’t jump to conclusions.

Keep in mind that there are numerous short sale homes currently available that have been approved by the lender(s), but where the initial buyer had walked away for some reason. The ability to step in to an approved short sale at the last minute eliminates the wait.

So don’t eliminate short sales for this reason, just make sure your Atlanta Realtor specializes in short sales and does a little more due diligence to determine the status of the short sale. Our team has identified lots of good opportunities with approved short sales just waiting on new buyers over the last couple days.

 The other reason why you shouldn’t exclude short sales is simply that many short sales are simply better financial deals. You may not get $8,000 in your pocket, but you may be able to buy your new home at a substantial discount that will be worth much more than $8,000.

We maintain a list of the best Atlanta short sales, so be sure to contact us if you’re interested in buying a new home and looking for a great opportunity.

We also have an on-staff CPA to answer all your questions about the tax credit and help you understand whether you qualify for the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit. Sometimes it’s surprising to find home buyers that don’t realize that they can take advantage of the tax credit.

Contact us today to schedule your complimentary homebuyer consultation.

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