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First time buyers be careful when you bid on a short sale.

If you are a first time buyer and looking to buy a short sale here is something you should know.: Bank approval for a short sale takes long and you want to make sure you have enough time to close before December 1, to qualify for first time buyers tax credit. Please have your agent give you an idea how long it will take. The agent can talk to the listing agent .

If you want to buy a home , make serious effort to find the home and make an offer so you will be able to get inspections and mortgae. banks are taking longer to approve financing.

If you are looking to buy a home in Philadelphia and suburbs call Gita Bantwal direct 2152758491

or 2153438200x124

ReMax Centre Realtors, visit my web site www.gitabantwal.com

Posted by GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES on 08/03/2009 06:01 AM

Comments (15)

First Time Buyer Credit in the Home Buying Channel

first time buyers

Originally posted at: Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at ReMax Centre Realtors.: First time buyers be careful when you bid on a short sale.

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15 Comments on First time buyers be careful when you bid on a short sale.

AUG

A short sale could be the best way to find a bargain out there. . but first they have to work with a knowledgeable agent. . .great information about short sales.

Fernando, I wonder if someone makes an offer on a short sale in October whether it will close in time.

ToulaRosebrock,com

Hi Gita:

So true...

It sometimes takes months to even get a response.

December 1st is right around the corner!

Great point Gita. Time is running out either way.

GOod advice Toula...sometimes even the listing agent on short sales don't have an accurate timing for closing though too....

Toula, Thank you for the rewminder.

Brian, I saw a countdown to Dec 1st. on someone's web site.

Kristin, I agree.

Hi Gita

Short sales are a great way to go, but if it's a first time home buyer looking for the tax credit time is very short for them to buy and close.

Good luck and success.

Lou Ludwig

Lou, I hope agents will explain this to buyers.

AUG

"there is nothing short about a short sale"... that is my mantra. When I meet with clients for hte first time I give them "The Talk"... some are willing to wait, while ohters realize it is not for them.

Joan, That is a great idea.

Gita - Buyers definitely need to understand this information. A prolonged short sale could easily cost them an opportunity at the $8000 tax credit. Depending on the deal, the gamble may be worth it. But, expectations need to be realistic.

AUG

Erik, I worry about buyers cancelling the deal if it does not close on time. If we are a listing agent we should be careful of closings in November.

Gita, Very good advice. The end of the $8000 first time home buyers credit is fast approaching us.

judi, thank you.

AUG

I am very worried for a lot of buyers that want the deal that comes from short sales, but also are counting on that $8,000 tax credit. I think if they don't watch themselves and the time lines, they could lose both!

Todd Clark - www.LivingBeaverton.com

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