If you’re a Home Buyer planning to take advantage of the Home Buyer Tax Credit, it’s time to kick things into high gear!
As you may or may not know, one of the requirements to qualify for the $8,000 tax credit as it stands right now is to close on your hom
e no later than November 30th, 2009. I know, that’s a little over 5 months away, so what’s the rush, right? Here are a couple of reasons you don’t want to wait around:
- Lenders are taking longer to underwrite their loans than they were just a few weeks ago, which is causing a back-log in home closings.
- Appraisers are back-logged also and are taking a few weeks to get their job done, which is also delaying things dramatically.
- If you’re thinking of building a new home, the typical 6-month build time may already have pushed you out of the time-frame to qualify. You literally don’t have a day to waste!
Now, I’m not pointing the finger of blame at anyone, but the points listed above are the reality of what’s going on in real estate right now. A year ago I could honestly say that I had never had a closing pushed back past the scheduled close date. As of today, my last 6 closings have been held up due to either underwriting or appraisal delays. Don’t count on the old ways of closing in 30 or even 45 days because things are just too unpredictable right now.
From the time you get out looking at homes, then under contract, then through inspections, repairs, final lender underwriting, appraisal, etc, you could very well be looking at a 90-120 day process. So, what I’m saying is, if you’re a procrastinator, TIME’S UP!
Call us now and let’s get the ball rolling so you’re not gambling with unexpected delays. I’d hate for any of our clients to be those who close one day after the deadline. Do you really want to gamble your $8K away?
About Ryan Hukill
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