I was talking with a client last night... a first time home buyer. He wants to take advantage of the First Time Home Buyer Tax Credit (FTHBTC). As we were looking through the results, one thing became VERY clear...
In the price range, foreclosures and short sales dominate the market. Of 40 listings, there were about 6 that weren't short sales or foreclosures. Of those 34, about 22 of them were short sales. And he doesn't want to get involved in a process that could end up with him missing the First Time Home Buyer Tax Credit by a few days because the bank just doesn't care about a schedule.
So, all of those properties were cut in the first round...
This brings up two points...
- It you are a First Time Home Buyer, and you are interested in getting the $8000 Tax Credit, time is ticking to get on with finding the property you want to buy. The end of November seems like it is a long way off, but the average short sale takes about 4 months to complete... Even "regular" sales can take 60 days in the current climate.
- Banks are shooting themselves in the foot by taking an unreasonable time to bring a transaction to close. They want to impose timelines on buyers, but want none imposed on them. There is just NO reason for the process to take as long as many of them take... and the proof exists in a couple of banks that can apparently turn them around in a much shorter timeframe.
But... a bunch of bad apples are spoiling it for the few that aren't.
So, if you are a First Time Home Buyer in Lilburn GA, or the surrounding area, and you are looking forward to the Tax Credit, it is time to give me a call.
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