So you think 60 days is plenty of time to find a home and close? Think again!
I've been working with several couples who are excited and anxious to close on a home. Not just because they want a new home, but because they don't want to miss out on that $8000 reward!
We have been diligently working to meet (or rather exceed) the expiration date, but it seems things keep getting in the way.
Last week one of my listings didn't close on the stated closing date because the lender said "they are too busy to close today!" Yikes! I wish I could tell my clients I can't work today because I'm "too busy!"
Well we did get the property closed, but it was on the bank's schedule not ours. This is a problem we are going to continue to see right up until December 1. In fact it is pretty obvious to predict the "too busy" issue is only going to get worse as buyers rush to meet the deadline.
The other issues we are facing is the tough competition among first time buyers in general. They are out in droves.
I find a nice new listing, get my buyers over to see it and before we get home the home goes under-contract! Yeah for the seller of the property, but boo for us! We didn't even have time to think about liking it!
There has been discussion about extending the deadline for first time home buyers. I caution anyone who thinks they can count on this happening. It might and then again it might not happen. If you are a first time home buyer or know someone who is and should be taking advantage of this tax credit, you need to act now.
Within the next few weeks buyers should be under contract with a property so they don't have to sweat it out at the last minute. What we don't want to hear is that we can't close on your property until December 2, because the lender or someone else along the line of process is "too busy to close."
$8000 is a nice grubstake for being a first time home buyer. What would you do with that much cash?