IN ORDER TO BE ELIGIBLE FOR ANY OF THE AVAILABLE HOME BUYER TAX CREDITS, A HOME BUYER MUST BE UNDER CONTRACT NO LATER THAN APRIL 30, 2010!

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress passed legislation that:
•Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

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Are you wanting to purchase a home this year, even this month, and would be eligible to qualify for one of the tax credits but for some reason that is entirely personal to your situation, you just can’t go under contract by the April 30th deadline BUT you’d be close?? We just might have an answer for you. The answer is an OPTION FEE. Here is how it works….

1. You make a seller an offer on their house and it’s agreed to and signed off on prior to April 30th.
2. The offer contains a clause called an OPTION FEE and an OPTION DATE. The option fee is any amount of money that is agreeable between the buyer and the seller and the OPTION DATE is a date that terminates the OPTION. The OPTION DATE is negotiable as well.
3. The OPTION = the OPTION to walk away from the contract for ANY reason or no reason at all with zero penalty (except for the OPTION FEE).
4. If you decide to proceed with the purchase of the home after the expiration of the OPTION DATE, then you are credited at closing in the amount that you paid the seller in the OPTION FEE.
5. If you decide to walk away from the deal prior to the expiration of the OPTION DATE then by simply delivering written notice to the seller you are free to walk away, not bound to the contract, and the seller gets to keep your OPTION FEE.

As an example, the OPTION FEE could be $500 for 10 days or $1,000.00 for 20 days, etc., etc… You write the check to the seller the day that they accept the offer and the seller can cash the check that day and the money is theirs to keep. You’ve just bought yourself some time. If you don’t walk away then the money that you paid the seller is given back to you as a credit at closing. If you walk away during the prescribed time period, the seller gets paid for their time.

If you think that this might be an option for you, please let us know and we’ll be happy to discuss it further.

AS ALWAYS, IF YOU KNOW ANYONE THINKING OF BUYING OR SELLING A HOME IN THE NEAR FUTURE, PLEASE HAVE THEM CONTACT US. YOUR REFERRALS KEEP US IN BUSINESS AND WE APPRECIATE YOU TREMENDOUSLY!