Lake Mary First Time Home Buyers have you been sitting on the fence thinking about buying, really wanting to buy so you can take advantage of the free $8000 tax credit out there. Well dont sit too much long as the deadline for the tax credit is fast approaching. Many of you know the incentive runs out on November 30, 2009
That's almost 2 months away, I have plenty of time. WRONG! The standard FHA financing deal takes a minimum of 45 days now thanks to Regulation Z. With that being said lets say you put a contract in this weekend October 3 and it's excepted that day. The soonest you could close would be November 18. Phew just 12 days to spare. But wait lets back up a little bit and review dates.
- It takes 45 days on average for an FHA loan can take up to 60 days.
- A lender cant process your loan application until you have an executed contract (meaning both parties have signed)
- Most homes are REO properties or Short sales(dont even go here if you want to close in time) REO's generally have multiple offers and if your offer is accepted it normally takes 2-5 days to hear back and another 2-5 days to get signatures on all documents.
- Inspections are done in the first 7-10 days and appraisals in 15 days from execution
With that time line alone if you find a property in just a few short days say by October 3, your offer wont be seen by the seller until October 5, you most likely wouldnt have an executed contract back (granted if your offer is accepted) until October 12. Now your lender can get started and will order the appraisal, you will have the inspections. Lets for pray for a clean inspection and a property that appraises at or above purchase price so no delays there. 45 days takes you to Thursday November 26. Opps it's a Holiday so no one will be around to close your file or even look over the paper work which takes us to Monday, November 30. Last day of the month companies are always slammed, files dont make deadlines, Sellers dont have time to review HUDs and well they push your closing into December. Guess what you are now no longer eligible for the $8000 tax credit.
So yes if you are a First Time Home Buyer looking to get into a home and utilize the $8000 tax credit your time has nearly run out. This is your final weekend to really get into a home. If you are ready to purchase your first home and work with an Area Specialist contact me today and join the other First Time Home Buyers in the Orlando area who have already taken advantage of the first time home buyer $8000 tax credit and have be entered into my Half Million Dollar Challenge
Heather Joubran 407-810-6304 Heather@HeatherTheRealtor.com www.HeatherTheRealtor.com
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