The $8,000 first time home buyers credit is expiring on November 30th, 2009 which is causing a lot of action in the lower end of the home buying market in Dakota County, Minnesota and the rest of the Twin Cities. Buying in the <$200k price range is fast and furious as first time buyers try to get accepted deals in place by the end of September in order to beat the November 30th closing requirement. In addition to first time buyers there are lots of investors buying properties in that price range so multiple bid situations are common, especially on bank-owned properties.
Today, I had an offer accepted on this bank-owned home with a first time buyer. There were 8 offers on the home and the winning offer was above the asking price. This buyer will have a little work to do to get the home in shape for moving in but with a little sweat equity they will have some automatic equity in this home.
Time is winding down for anyone who wants to get an $8,000 tax credit from the government. Please contact me soon to answer any questions you have. Contact Me Form
Here’s the RE/MAX site with more details – First Time Buyers – Now’s The Time
