he deadline for the $8000 tax credit is nearWow, that's a tough question. With the first time homebuyer's tax credit deadline just a little over two months away that is the $8000 question. And it is, of course, impossible to answer.

Every case is different, and while it may be possible to get the deal closed by the deadline, there are no guarantees in the world of short sales. We have closed some with local banks in just over a month, but this is a large institutional lender that would require approval from the investor. It could happen, it really could, but I still cannot answer that question less than truthfully.

My answer was that I would make this deal my top priority, and that I would do everything I could to make it happen. Beyond that, it is out of my control.

I sure would like to give it a go and see what happens!

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26 Comments on "Your short sale listing ... if I write an offer today can we get it closed by November 30?"

20 Most Recent Comments Displayed Show All

SEP
26
2009
803,539 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That would be a tall challenge but any real estate agent who knows what they are doing would give it a shot.  Of course if there is a single lender and the price is reasonable for the market, perhaps yes!
7:44am • #7
320,583 Points 5 Featured Posts Outside Blog

Short sales and closing schedules are indeed a problem with the first time buyers credit. If the short sale has been approved you should be OK but if from scratch...its gonna be a close one.
7:56am • #8
1,048,861 Points 397 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Richard, If I were working with a buyer that wanted the tax credit I would NEVER place them on a short sale listing this late in the year. If they need that $8,000 I would not risk it on the slim chance they could close that quickly. It could happen but it's not likely. No matter what the listing agent says.
7:59am • #9
1,225,839 Points 79 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Hi Richard,

Nothing ventured nothing gained. If they really love this house and they don't have to have the $8K then go for it and it will be a bonus if it closes on time. It all boils down to the buyer's expectations. There are lots of houses out there on the market!
8:01am • #10
1,405,220 Points 54 Featured Posts Outside Blog Called Shot Master

I have come up with an addendum for buyers to sign that states that we are not responsible and make NO guarentee that any sale will close in time to take advantage of the $8000 credit.
8:12am • #11
1,099,877 Points 94 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Richard,

I am no long showing 1st time homebuyers short sale listings if they have a "requirement" to close before November 30th, in order to take advantage of the tax credit.

If the government extends the timeframe, I'll reconsider.

Rich
8:21am • #12
164,087 Points 1 Featured Post

Richard, it is a great answer. You can do everything in YOUR power, but you have NO control over the bank(s) involved!

It's up to the buyer if they are the gambling type...because that is exactly what they are doing in this situation!!!
8:51am • #13
1,500,603 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

To All...

I purposely left the post vague as to my role, in this case I am actually the listing agent and the question was posed by the buyer's agent. So I don't want to lose the chance at the sale, but I am compelled to be as honest and forthright as I can! And all I can do is try my hardest which I will do!
8:55am • #14
1,519,411 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Richard:  As long as you aren't dealing with Bank of America I'd say you have a fighting chance.  Keep us posted!
9:04am • #15
434,222 Points 32 Featured Posts Outside Blog

There's no way to say what the bank will or will not do in the middle of a short sale negotiation, so you can never make guarantees. I'd also have the buyer sign paperwork saying that you can not guarantee closing on or before the deadline.
9:06am • #16
1,422,188 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Based on all the short sale listings I already  carry. .the answer is NO 
9:41am • #17
1,392,999 Points 28 Featured Posts Hit Router Called Shot Master

Richard, like others above here have said.  You're correct on the maybe, but if there's a lot riding on the deal, such as the $8,000 tax credit, the odds are probably against it.
9:56am • #18
873,579 Points 167 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Richard - I actually laughed out loud reading the title of your post.  My first response was, "Of this year?"  We have a short sale that might close this next week after a mere TEN months in progress, first with Countrywide, and now with Bank of America. 
1:47pm • #19
1,330,078 Points 189 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Richard, I had that same question come up to me this past week, and my only answer was MAYBE!!
2:08pm • #20
199,865 Points 3 Featured Posts Outside Blog Called Shot Master

My suggestion is to have a fully executed contract no later than Sept 30, 2009 to give the lender at least 60 days to go through the FHA process and/or conventional process.

Currently executed a direct buyer/seller contract 3 days ago since we have yet to hear from the "bank owned"REO submitted the end of August...  We already had the inspections, appraiser came today, the closing agent will have the title work on Monday, the townhome asssociation is processing the buyer application and the credit union couldn't be happier.

I closed an approved condo short sale in three weeks with a cash buyer.

I locked up an executed contract September 15th with the seller and have yet to receive the third party approval...even though the listing agent said he works with short sales specialist attorneys to get the mission accomplished.  It isnt imperative for this buyer to take advantage of the tax credit.

We have no control in the this arena...we consult with the parties and we listen to their direction.
2:17pm • #21

Richard,

While my record is 23 days offer to close on a short sale, I'm finding lately that even the "responsive" banks are black holes. Your response was appropriate and honest. I hope you get that offer on your listing - and close it fast!
3:19pm • #22
424,967 Points 39 Featured Posts Hit Router Called Shot Master

Richard - I just tell them - this is the wrong property....  No way would I risk a buyer's tax credit on a short sale approval in 30 days in this climate.
6:30pm • #23
629,905 Points 18 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Richard,

I would almost think that with the staffing problems or apathy at the banks I would be a little less than cautiously optimistic.
6:30pm • #24
1,500,603 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

I think that the buyers have to make the call ... is the house such a good fit that the $8K doesn't matter?

There can be no guarantees as the rush to buy moves forward!
7:14pm • #25
569,437 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp

With all the pressure on the deadline date I'm sure some of the deals won't make it I hope none of yours.
10:19pm • #26

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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale

Newnan, GA

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Better Homes and Gardens Real Estate Metro Brokers

Address: 209 Newnan Crossing Bypass, Newnan, GA, 30265

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Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, a candidate for GA House District 71 and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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