This question gets the award for the most asked question of August 2009. I’d assume it’s because the clock is ticking on those who haven’t found a house yet and they’re worried that they’re going to miss out.
Well, I can’t tell you if the tax credit will get extended or not, but what I can tell you is that as the program stands today, you better find a house and get under contract with the next 40-45 days or you’re gambling with $8,000!
I thought we had until the end of November, meaning we could go under contract as late as the middle to end of October… Why 40-45 days?
Fallon, you’re right about the November 30th deadline, but with all of the new regulations put in place in the mortgage and appraisal sectors over the past few months, closings are taking longer than they have in the past and we’re seeing more ‘surprises’ at the closing table, which typically will delay closings. I’m not one to suggest that anyone push it to the wire, because Murphy’s Law tells us that if we do, something will likely pop up and delay the closing, then pushing the buyers past that deadline and causing them to miss out on the $8K credit. My advice is to be under contract no later than the end of September, to allow for those hiccups and a smoother closing.