If you think you're missing out on the stimulus package for homebuyers, think again. The homebuyer tax credit is back and offers newly improved guidelines that are quite beneficial not only for first-time homebuyers but for those with current residences as well. This is a wonderful time to purchase a property. And if you're planning to purchase Coral Gables real estate home, here are some things you need to know.
Deadline
The new deadline for the tax credit is April 30, 2010. This means more time for you to close on the
Coral Gables real estate home you're planning to buy. You must have your purchase in escrow before the end of April the 30th. If you managed to do that, you must secure the closing 60 days after that date. Since closing can be delayed for much longer, have everything settled while waiting for that day to come.
Credit Amount
If you're a first-time homebuyer, you're entitled for up to $8,000 credit. On the other hand, if you're a repeat homeowner planning to purchase a Coral Gables real estate property, for instance, the tax credit for your group is around $6,500.
Things you need to do:
Hire professionals
In order to take advantage of the tax credit, you should get advice from the professionals. Hire the right people that can help you with the process of acquiring the credit. For instance, the tax preparer will be tremendously helpful in ensuring that youll meet the necessary requirements for the credit. The lender is also important for financing and in helping you choose the best financial option and mortgage program that will suit your needs. Dont forget the real estate agent as well. Since the deadline is closer than you think, it becomes more and more crucial to find the right property in the shortest period of time in order to give more time for closing.
Look out for fraud
The popularity of the tax credit has unfortunately bred some dangerous tax fraud. In order to avoid these fraudulent operations, you must take time to learn the process of applying for the tax credit and everything that it involves.
Once you're planning to apply for a tax credit to purchase the Coral Gables real estate property you want, be wary of any suspicious advice. Anything that tells you to conceal information or do this and do that, which tends to make everything complicated, should be duly avoided. Lastly, all the paperwork involved in the process should be kept safely and handy for immediate reference.
Mark Michael Ferrer
Coral Gables Real Estate
