4 months ago
DENVER, Colorado (KUSA)--Time is running out to take advantage of the $8,000 first-time homebuyer tax credit.
Realtors say there is already a backlog of people waiting to close on homes before the Nov. 30 deadline. They suggest people planning on buying a home under the program should make sure they are pre-approved and under contract by the last week of October at the very latest.
"It takes probably about 30 to 45 days to close a transaction. There's issues that come up at times between the inspections, appraisals, underwriting conditions that you can't anticipate and so you need to have a little extra time built in there to make sure that all the details are taken care of," Metro Broker Sandy Trujillo said.
Trujillo says she is seeing multiple offers on bank-owned and HUD homes.
Some groups are asking the Obama administration to extend the first-time homebuyer credit deadline.
Trujillo says if Congress does extend the program, it probably will not happen for a while.
"The National Association of Realtors is working hard with Congress to get them to extend that out but I would say I don't think we'll hear any news on that until probably really close to the Nov. 30 deadline. It would certainly stall out sales if we heard that right now because then there's no urgency for buyers," Trujillo said.
The IRS says 1.4 million people have already claimed the $8,000 credit.
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