If you are thinking of buying a Metro Detroit home through a short sale and want the $8000 tax credit you need to get going. Many short sales take up to 4 months to complete. And sometimes after the four monthes the bank may decide to say no.
We have four monthes and 15 days left until the first time home buyer credit runs out. So time is running out for short sale buyers. You need to get going if you want to buy a short sale or you need to exclude Michigan short sales from your home choices. I always tell home buyers to keep looking if they have decided on a short sale house. The short sale may not go thru. So keep looking if you want to be sure that have a house and you can claim the $8000 first time home buyer tax credit.
So don’t mess up and wait too long. Don’t wait until October for the bank to make a decision. You may miss out on getting the $8000 first time home buyer tax credit.
Russ Ravary your Metro Detroit real estate agent
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