“There’s not as much sand in the hourglass as we may think.”
Jim Merrion, regional director at Re/Max Northern Illinois, telling the Tribune that first-time homebuyers are running out of time to qualify for the government’s $8,000 tax credit that expires on Dec. 1. In order to get the credit, one has to close on a sale – not just have their contact signed or loan approved – before Dec. 1.
Considering there are many unforeseen obstacles for first-time buyers, agents are advising those who are banking on getting the credit to have a purchase contract signed by early October.
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