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8000 Reasons Get Your Butt In Gear: Deadline for First Time Homebuyer Tax Credit Looms

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Real Estate Agent with RE/MAX Alliance in St.Louis' Illinois suburbs 475.122155

Wow!  We came across this blog post and we couldn't have said it any better ourselves. 

If you want to buy your first home in Edwardsville, Glen Carbon, Maryville, Troy, Collinsville or anywhere else throughout Madison County, Illinois, read this information and give us a call at 618-791-8007 or send an email to Nancy@JustDuckyHomes.com.

We CAN still get you into a house in time to take advantage of the $8000 tax credit this year. But as this post warns, time's a wasting.

Original content by Janet Guilbault NMLS #238304

First time home buyers: Are you still at the computer, doing endless "research" on how to snag the $8000 TAX CREDIT for buying a house this year? 

Does the November 30th deadline seem like a million years away as you think about fireworks (not turkey leftovers)?

First time home buyers: Get your butts in gear. NOW.

This is the wrong time to claim you only get motivated when a deadline looms.

This is the wrong time to tell everyone you are a "last minute kinda person" who pulls an all nighter when you have a term paper, and shops for Christmas presents on December 24th.

Here's why: Buying a house takes longer than you think. There are 8000 reasons you DO NOT want to miss this deadline.

Let's back things up. Do you think OTHER first time home buyers might wait until the last minute? Lenders could very likely experience an overwhelming amount of applications this fall.

With applications already taking 45 days, it could easily take 60 days to close your loan. Or more. Lenders are already ridicuously understaffed.

This means you will need to be in contract no later than the end of September.

If you have not already done so, you will need to accomplish this during the months of July, August and September:

  1. Find a Mortgage person
  2. Find a Real Estate Agent
  3. Find a House
  4. Make an Offer, negotiate terms. Find another house if first offer is rejected. Get new offer accepted.
  5. Get financing completed and loan closed.

 

Some likely time lines and what to expect:


1.  Apply for a mortgage. 
Provide the required documents and ask for a pre-approval. This will uncover any glitches standing in the way of your approval. This will make certain you have the right amount of funds in your account, or lined up as a gift. This will let you know your price range before you begin shopping for a house. This will let the Realtor know you have done your homework and are serious. ESTIMATED TIME REQUIRED: 1-2 weeks


2.  Figure out where you want to live and find a Realtor.  Look for a Realtor that knows the neighborhood where you would like to buy. Communicate openly and be on the same page if you are buying with another person.  ESTIMATED  TIME REQUIRED: 2-3 weeks

3.  Shop for a house with your Realtor.
  ESTIMATED TIME LINE: 3-4 weeks.


4.  Make an offer, negotiate terms, get in contract.
Ask your Realtor about timing before making an offer on a short sale or a lender owned property.  ESTIMATED TIME LINE: 1-2 weeks or more...depending on how many offers it will take to get a house. Market could become highly competitive as the deadline looms.


5.  Secure financing with lender, and close the loan.
Inspections and appraisal will occur during the time as well. ESTIMATED TIME LINE: 6 weeks to 8 weeks


Worst case estimated time line: 19 weeks.

Weeks until November 30th? 22 weeks, beginning next week.

Can you do this in less time? Yes you can.

Just like when you gave your Mom that lame ceramic unicorn for Christmas (purchased in a panic on Christmas Eve, thrown in an obviously used gift bag, then sneakily placed under the Christmas tree minutes before gift opening).

 

 

 

 

Written by Janet Guilbault, Mortgage Banker/Broker Based Out of the San Francisco Bay Area

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Enjoy life in the (618) area code in Southwestern Illinois, St. Louis' Illinois suburbs. SEARCH FOR HOMES HERE.

 

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I help good people buy and sell good homes in St. Louis' Illinois suburbs, with special emphasis on the Metro East communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy and surrounding areas in Madison County, Illinois.

Are you a teacher, firefighter, law enforcement officer, medical professional or active duty or retired military? Then ask me about Homes for Heroes, offering substantial savings on home purchases. Learn more at Homes For Heroes.

For more information or to search for homes, visit my sites at NancyMilton.com618Life.com, or GoshenRealtyGroup.com or send an email to me at Nancy@GoshenRealtyGroup.com. Text or call Nancy Milton Holtzscher, your Edwardsville Realtor, at 618-791-8007 any time.

REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025, 618-791-8007 (direct) 618-655-1188 (office). We're easy to find on IL-157 in Edwardsville between Pasta House Co. and Shenanigans. Each office is independently owned and operated.

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