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The $8,000 First-Time Home Buyer Tax Credit expires November 30, 2009. In order to claim the tax credit, the IRS requires that you've closed on or before that date. December 1, 2009 is too late. But that doesn't mean that first-time home buyers should target November 30, 2009 as a closing date. In fact, there may not be a worse day in 2009 on which to try to close on a home. The optimal time is during the week of November 16, 2009 and the earlier in the week, the better.
If you're planning to claim use the credit and haven't started looking for a home, your clock is officially ticking. You must be closed on your new home on or before December 1.Because purchase closings come 60-days standard, therefore, your $8,000 is in jeopardy unless you go under contract prior to October 2, 2009. That's 73 days from now.Use it or lose it, as they say.
