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Deadline Approaches For Buyer Credit

Deadline Approaches For Buyer Credit

Tax Credit Deadline Creates ‘Feeding Frenzy’ For 1st-Time Homebuyers

August 28, 2009
KPHO – CBS 5

PHOENIX — First-time homebuyers are running out of time if they want to take advantage of the $8,000 tax credit — all deals must be closed by Nov. 30.

According to real estate agent Jay Thompson, “There is somewhat of a feeding frenzy in the lower-end market.”

First-time homebuyer Katie Fulkerson said she looked at 70 homes before submitting an offer on a bank-owned property.

“We actually offered $12,000 more than the asking price,” she said. “We were really hoping that would work out.”

It didn’t; the bank accepted someone else’s offer.

All the new buyers in the market are also affecting which properties are moving. Experts say short sales are out of the question because the deals take too long.

Banks are receiving multiple offers on foreclosed homes, triggering a bidding war.
Fulkerson said she’s now focusing her attention on traditional sales, just to be safe.

Analysts are hopeful Congress will extend the Nov. 30 deadline — and perhaps even extend the tax credit to all homebuyers — however, there’s no guarantee.

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