Any first-time home buyer in the Greater Cleveland and Akron Ohio marketplace is hopefully well aware of that time is running out on the 8K federal tax credit -- you must close on a home by November 30th, 2009.
For those buyers who are either on the fence or are in the middle of trying to negotiate a short sale, time is running out and you need to act now if you wish to take advantage of it.
I am closing a home purchase this coming week for a buyer (not a first time buyer) and this loan/purchase is closing in under 30 days, so when the right folks (agents, lender, title, escrow, inspectors) are involved, it can happen.
If you are still negotiating with a seller of a short sale property, chances are, it's not going to happen. The bank will still have to approve it, as well as the underlying investor.
If you feel you have waited to long, you haven't. If you start the process now, provided you can get pre-approved for a loan, it's not too late and you can still start and complete the process.
The right agent with the right resources will make or break your home purchase so choose your buyer's agent wisely.
If you need an exceptional lender, Tim Bradford with American Midwest Mortgage has more experience and options than any other lender I know for first time home buyers in the Greater Cleveland and Akron Ohio real estate market.
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Chirs, Thanks for the mention in your post. I do agree that anyone looking to purchase and take advantage of the $8,000 should step up their house hunting.
On an added note there are additional tax credits from the Ohio Housing Finance Agency. Information and a calculator can be found here. Funds are limited and only available on a first come first serve basis. The OHFA Tax credit ranges from 20-30% of the interest paid on each year on the loan. Borrowers recieve this credit each and every year they owner occupy the home. On a $100,000 purchase the OHFA credits could exceed $30,000.