Homebuyer tax credit.

[badmomma]

The homebuyer tax credit that allows first time homebuyers to take $8000 or 10% of the homes value as a tax credit ends December 1st.

It was part of the economic stimulus plan and designed to spur the housing market and now as time is ticking away you need to get a deal on the table in order to beat the deadline.

Repossessed homes seem to be the quickest way to beat the clock. They are short sales and are usually priced much lower than they are actually worth.

If you haven't owned a home in the last 3 years and fall within the income limits you should get out and start looking. It would be a shame to loose out on this deal like many did with the cash for clunkers.

[JaredfromIndiana]

Sure does! You have to have that sucker closed by November 30th or you just don't get it. If you are looking at short sales right now and want the tax credit that won't work. Short sales are difficult and take much longer than most transactions. You need to give the bank 45 days to RESPOND to your offer, then after that it can take up to 6 months to close one one of those.