Sellers are put on notice. Start packing and be ready to go by November 30

Richard, I would like to share this, Do you mind if I re-blog?

Richard - If buyers are going to take advantage of tax credit it is urgent they act now.  Thanks for the update.  I think I am going to re-blog this as well.

Hi Richard:

You're right...these two weeks can be very hectic.

The question will be, will the financing be ready in time for a 11/30/09 closing!!!

Richard,

And I always ask my Sellers, "What would you do if I bring you a good offer tomorrow?  Are you ready to move?"  It gets some interesting responses.

Sellers who want to close by 11/30 need to know they need to close by about 11/24, because the crush at closing attorney and title firms is going to make it too risky to wait until later.

I have a couple of stragglers left who want to get in on the tax credit and I have given them the same advice. If you really want in on tie now, you need to deal with another individual who is ready to go as well.

In our market, it's going to be very difficult to even close a conventional loan in time, unless we have a buyer with stellar credit and ready to move now.

Richard:  Short sales were never an option if you are trying to hit a hard deadline.  The competition is fierce in our market over the bank owned inventory and regular sales.

After the next few weeks play out, I want to spend a few days in that cute little cabin in your photo to veg out!  ;-)

Richard, it feels a bit like "beat the clock". Remember that old game? Just with bigger stakes at the end.

Deb

Hi Richard,

These next few weeks are going to be very interesting..I've already seen the scrambling take place. I've had 2 offers on our listings that we have come to terms on this past week. The lender wants the contract and assures us the buyers have already gotten everything in to them I do know both lenders and if they say they can deliver they can do it! I will be watching closely.

Love the picture.  I think the buyers who really wanted to take advantage of the credit have been ferreted out.  It would be a miracle now for everything to fall in place at this stage - find the right house, get the right financing, and get it to close by the 30th.  Hopefully they will extend the credit.

Awesome point and one we need to get out there fast!  I love the photo on your post...you always have such gorgeous pix!

You are so right Richard.  We were advising buyers to lock in their executed contracts by Sept 30th to insure the tax credit and allow the lender to go through the process here in metro Ft Lauderdale. 

Locked in a short sale Sept 15th and still waiting for third party approval...buyers love the home...already emotionally atttached... and the buyers fully understand they will not make the deadline for the tax credit.

October lst was a whole new attitude... just show homes with direct sellers as even REO reps are creating a frenzy among buyers.  My heart goes out to the REO listing agents who actually submit multiple offers...sometimes 25 for one property...knowing the bank comes back and tells everyone to give us your best offer...they might as well auction off the property.  The best part is... your professional fee is also diminished in the process.  You work twice as hard for one transaction and make half as much money...too crazy!

I am thinking that there will be a lot of buyers left out in the cold because they have waited too long to do something thinking that it will be extended.

I just put all my buyers of homes on notice....that if they don't have a contract by friday....it will be to late.  All the Mortgage people I deal with will not do less than 45 days!

Great advice, and I totally concur.  "Stick with a motivated conventional seller!"