Over the last month, we realtors have been shouting from the rooftops that first-time buyers who are thinking about taking advantage of the $8,000 tax credit need to put a contract on a home now. However, may of these folks seem to think that they have plenty of time to find a house and get the tax credit.
This idea could not be more WRONG!
Most lenders need 45 to 60 days to close a loan. To be eligible for the tax credit, a buyer has to settle on a house by November 30th. This means that a buyer has to find a home, have a contract on it and make loan application no later than October 15th in order for the lender to have enough time to get the loan done by the November 30th deadline.
What has my head spinning is that so many of the first-time buyers out there are telling their realtors that they want to start looking for a house in October. That gives them two weeks to find the home of their dreams. Is this a realistic timeframe?
If you are reading this blog and see yourself in this situation perhaps you should rethink your timeline and start house hunting today. If you must postpone your search until October, here are a few things that you must start doing now so that you will be able to find a home in two weeks.
- Get pre-approved by a reputable lender so that you know exactly what you can afford.
- Make a list of locations/zip codes in which you will consider purchasing.
- Make a list of your wants and needs.
- Call a realtor and let him/her know that you are planning to purchase before October 15th. Discuss your criteria for a home and allow the realtor to email you listings from the MLS that you can review.
- Go on-line and start looking at homes in your price range and in the areas you are considering, so that you will have a very realistic understanding of what you can truly afford before you go out looking at houses.
On September 30th, Jesse and I are hosting a FREE Seminar for First-Time Homebuyers. At the seminar, you will learn the entire home buying process and have the opportunity to talk with a mortgage specialist, so that you can leave the seminar with a pre-approval letter in hand.
We’d love to see you there because if you want to take advantage of this once-in-a-lifetime opportunity, we want to help make that happen for you.
Wishing you sunshine everyday and the home of your dreams,
Jeri
