Not Much Time Left for Home Tax Credit – WBKO-TV (ABC) Channel 13, Bowling Green, Kentucky

Posted: 9:11 PM Oct 25, 2009

 

Reporter: Lacey Steele

Email Address: lacey.steele@wbko.com

 

Home sales in September beat expectations as they rose to their highest level in two years.

 

The numbers came as first-time homebuyers scrambled to apply for an eight-thousand-dollar federal tax credit that expires at the end of November.

 

“We have a baby on the way,” said Stephanie Richards, a first-time homebuyer. “Of course, anybody wants a home.”

 

“We bought a trailer off of my aunt and lived in it for three years, and decided it was time to step up to something bigger and nicer,” said Adam Richards, Stephanie’s husband.

 

The Richards say they knew it was time to purchase their first home and take advantage of the tax credit.

 

“Kind of nerve-wrecking more than anything,” said Adam. “We’ve got a lot going on. I guy I work with kind of turned us onto Mihreta. It helped us a lot. We got with her and gave her a price range of what we wanted and where we wanted to live.”

 

Mihreta Heldic, a realtor with Crye Leike, says many first-time homebuyers are interested in the tax credit.

 

What they may not know is they need to apply before the end of November deadline.

 

“The first time home buyers have a time frame of when they’re going to find a home and do the closing, so finalize the process by the end of November,” said Heldic.

 

Heldic says they can’t give a specific final date for attempting to receive the credit because it depends on how long it takes to close on a home.

 

“We can try, but time is running out,” said Heldic. “I personally think that if we get some contracts in a few more days then maybe there is a big possibility that we can get it done.”

 

The Richards should be able to close before the end of November, and they are grateful for how much the tax credit will help out.

 

“We needed something bigger because we knew the baby was coming, and then we knew the $8,000 would be a plus,” said Adam. “Anybody could use $8,000 of free money.”

 

Heldic says many potential buyers she has worked with may have not qualified but are interested in the program and hope something similar is offered in the future.