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So Why The Clock AND Is It The Right Time? Which clock should be used?

I have been using this clock, below, for some time now on my weekly market updates to draw attention to how much time is left until the $8,000 Tax Credit expires.

Countdown Clocks

And to the best of my knowledge, right now, the Tax credit is set to expire at the stroke of midnight on November 30, 2009.

So here is my dilemma…..On Friday I was talking with a friend and managing broker from another company. Yes we can have friends that work in other companies, but I digress. He brings up a very interesting point and one that we need to look at when presenting this topic to our eligible homebuyers. That is:

November 30, 2009 is a Monday
November 29, 2009 is Sunday
November 28, 2009 is Saturday
November 27, 2009 is the day after you guessed it
November 26, 2009 which is a Thursday and a HOLIDAY (THANKSGIVING)

Does anyone see a possible problem here? Or is it just me?

Are we considering the possibilities of potential problems with funding, to where the property has closed by the prescribed time?
Title companies/Attorneys can handle just so many closes in a day even if they have extra closers on hand to handle the rush and where will they come from?
Banks are still going to close at 5pm, maybe 6pm in some areas!
What about getting the wire transfer of funds in time to close before 5pm, maybe 6pm in some areas?
What happens if there is a change to the settlement statement that will affect the APR at the last minute? Remember the RESPA changes that have taken effect just recently.
And the list could go on and on.

So should we be looking at, at the latest unless it is an all cash deal, closing on Friday November 20, 2009? Just so we will have a little bit of a cushion in the event of a problem!

That being the case, if we figure 45 days to close on a home then this is what the clock would look like to have an accepted contract as opposed to the one above.

Countdown Clocks

Just sayin’………………………

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Don Rogers is a licensed REALTOR® in Missouri. I specialize in St. Charles County. If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email at Don@DRogersHomes.com

Posted by Don Rogers REALTOR®, GRI O'Fallon MO & St Charles County MO homes on 09/20/2009 09:15 AM

Comments (26)

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Originally posted at: Dons' musings about O Fallon Mo : So Why The Clock AND Is It The Right Time? Which clock should be used?

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26 Comments on So Why The Clock AND Is It The Right Time? Which clock should be used?

SEP

This is the first time I have noticed what day the 30th falls on; thanks for the heads up!

Good Point, we always get that time crunch around the holidays but this time we have a 8,000$ tax credit on the line. Maybe they will do a last minute extension sometime after halloween?

Good morning Tricia,

Thank you ma'am for stopping in and may I say hello to a young lady from my hometown.

We need to pay a little more attention sometimes to when some of these programs are slated to end. I might add I am just as guilty as anyone.

Good morning Justin,

There are a lot of peopel that are hoping that the gov't will do a last minute extension but my thought is we have to go with what we know. Then if it changes more folks will be able to take advantage of the program.

Thank you sir for stopping in this morning.

I'm so glad you pointed this out!

Love your new photo......looking sharp!

Good morning Ann,

I thank you ma'am for the compliment on my new photo. This post is something that I had not looked at until my conversation with my friend.

Thanks for stopping in.

As we are quickly approaching this tax credit deadline, we really need to start paying attention to these dates. They look quite scary to me. Trying to get everything done and on time is a lot of pressure for all involved.

Thanks for the heads up Don. Buy maybe, the $8000 Tax Credit will get extended and all of our worries be have been for nothing, at least for now anyway.

And, yes, your new profile pictures looks great! Have a wonderful day!

Good afternoon Terrie,

It would be nice to have the tax credit extended and maybe it will. My one concern is what if it isn't then where will buyers be?

Thank you for the compliment on the new pic....

I thought this was so important I reblogged it for my local readers. :)

Don, this is something Realtors really need to think about...I've reblogged to get the word out.

Ann,

Thank you for helping to spread the word and reblogging this post. BTW, I like your new photo.

Rebecca,

Thank you for helping to get the word out, I appreciate the reblog. I hope that there won't be anyone left out because they have held off too long to make a home buying decision.

OUch...that's enough to put a wrinkle into the hood of my car. Tahks for the tip. I need to adjust a few clients thinking!!!!

Don, this is a great wake up call! Something I'll bet a lot of us have not already considered. I will definitely have to Re-Blog this tomorow! Thanks for looking far enough into the future that we see the deadline might be sooner than we think!

William,

That will put a wrinkle in a lot of places, your hood could be just one of them. You're welcome.

Good afternoon Mary,

Thank you ma'am and I hope that it will be seen by many.

Sounds like we better get them closed by the 25th to be sure. Hate to have it get to close and miss the date.

Terry,

I am thinking that there is no time like the present to get things done. Those that wait too long will wind up missing out.

ToulaRosebrock,com

Hi Don:

Good point!!!

Then figure in some last minute delays too...

Time is running out!

Don - As always, you add another dimension to the conversation. It is going to be a mess the last week of November. If agents aren't using some disclaimer language in their buyer's agency agreements, it would be a good time to take a second look.

Good evening Ms. Toula,

These two clocks have gotten some attention today. All I can say is thanks to my friend for taking the time to talk to me on Friday.

Mr. Ryan,

Now that is another dimension to this whole topic. You are so right sir about the last week of November. I think that too many agents are thinking that there is going to be an extension, I am not to sure there will be. So either way we need to be moving with the facts and only the facts.