If you have not had an offer accepted by a seller by the end of this week October 18th. 2009 the chances of you closing on time to receive the tax credit are just about nil. If you do not have your financing in place the first thing you must do is to call a lender MONDAY OCTOBER 12th. and get them all of the information they need ASAP so that they can tell you if you are qualified to buy a home and how much you are qualified. If you are going to try to use USDA financing you are most likely out of luck as the USDA loans take longer than 45 days to close. VA buyers you are really, really cutting it close as you will need the VA appraisal to be taken care of quickly and they are running upwards of 3 weeks now.
Short Sales, Bank Owned, and Sellers without urgency are three types of homes you will not be buying if you’re looking to get the tax credit. You need to find a home that is owned by a seller who is ready, willing, and able to sell and close quickly. Short Sales & Bank Owned Forget about em…. (at least for now) You will also need to find a home that is in pretty good repair so the appraiser will go along and give a valuation that is needed for the loan. Also a lot of appraiser required work orders (repairs) can slow down the process. You do not have the luxury of time anymore.
Should you not even bother to buy? That’s a decision only you can make. There are many reasons to buy in this current market. The $8,000 should not be the main reason you are buying! Nor should it be the main reason you can afford to buy! If you are looking for a good solid investment, shelter, and a place to call your own then now is a very good time to be looking at buying.
I strongly recommend you spend a bit of time and read the posts that I have here on Classic Homes Northwest. Call me (253-219-1194) and we can setup a time to meet for coffee (It’s got to be coffee. I love coffee!) We can chat about your unique situation and whether now is the right time for you to buy. I will not waste your time and get your hopes up if I cannot help you. My business (and I take my business very seriously) is to help people with their real estate needs. Not when I need or want to help them but when they need my help. It will be your purchase, I will be your advocate working for you and your needs the entire way. Your needs are first and the only thing that matters.
When you’re ready to talk I will be ready to listen.
Best wishes,
Scott Cowan
Classic Homes Northwest
Keller Williams West Sound
(253) 219.1194
[...] He goes on to give time frames for different transactions which are pretty spot on. Remember to check with your own lender as closing times vary from place to place. My experience with bank owned properties is that they have been pretty cooperative with getting a deal closed in 30 days- the only trick is getting it signed around in less than a week. [...]