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URGENT RE: 8K BUYER TAX CREDIT--Most banks not accepting new apps after this Friday!

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Real Estate Agent with Exit Realty--I'd love to service your Chicagoland referrals IDFPR # 471.016048

I just received word today from one of my bank lenders that this bank, along with many others, would be cutting off applications THIS FRIDAY, OCTOBER 23RD, for buyers wanting to take advantage of the 8k Homebuyer Credit being offered until November 30, 2009. 

Most banks feel that in the current lending environment it takes 30-40 days to fund a loan and they do not want to be responsible for buyers attempting to rush a loan that will not close in time for the desired rebate.

Therefore, if you are not under contract by this Friday, many lenders will not work under the Nov 30th deadline and you will lose the $8,000!  THERE IS STILL TIME THIS WEEK TO VIEW, WRITE, AND BUY ON AN ACCELERATED TIMELINE!  MY TEAM IS PREPPED AND EDUCATED ON THE MARKET AND READY TO ASSIST.

See the blog post below I wrote in late September for more information, and get in contact with me ASAP this week!

http://activerain.com/blogsview/1265176/there-s-still-time-to-get-8-000-from-the-government-and-buy-a-home-with-next-to-nothing-down-your-questions-answered-here-

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As always, I appreciate your Chicago area real estate referrals and would welcome the chance to discuss Exit Realty career opportunities with interested professionals!

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Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

say it isn't so... I have two buyers who are counting on that to buy a home.. :)

Oct 19, 2009 01:03 PM
Allison Ables
Allison Ables Real Estate - Gainesville, FL
Gainesville Realtor

Yikes! Some of my first time buyers really need a kick in the butt!

Oct 19, 2009 01:03 PM
Lana Robbins Realtor ® Licensed Real Estate Broker
Aloha Kai Real Estate - Clearwater, FL
Licensed in Florida, Washington, and Hawai'i

Hi Nick. Is that unique to Chicago and/or Illinois??? ~ Lana

Oct 19, 2009 01:08 PM
George Bone
Prudential Woodmont Realty - Brentwood, TN
ABR, GRI, e-PRO

If you need the tax credit to buy a home then you aren't financially ready to buy.  The tax credit will come back to bite us in the butt with higher taxes and an increased national debt.  The tax credit is nothing more than a government giveaway or narcotic meant to provide temporary relief at the expense of the longer term economic health of our country.  It's politics as usual but very bad policy.

Oct 19, 2009 03:08 PM
Nick Libert
Exit Realty--I'd love to service your Chicagoland referrals - Chicago, IL

Respectfully disagree, George.  Unlike "cash for clunkers" I think this one was well thought out and needed to stabilize the housing market at a time when one of our most basic and sound investments, HOUSING, was in jeopardy.  I'd be happy to debate you more on this offline :)

Oct 19, 2009 03:13 PM
Dan Edwards 425-276-7008
Keller Williams Realty - Bellevue - Bellevue, WA

I will be interesting to see how the market reacts.  I am somewhat glad to see it go.

Oct 19, 2009 03:50 PM
Chris Richter
Wintrust Mortgage - Chicago, IL

@Lana:  That's not even true in Chicago for all lenders.  The lender that was referenced was a really small shop.

If the extension goes through this week, this won't be relevant but here are the dates from our national underwriting manager as of last night:

--November 17th:  Last day to be submitted to underwriting and still close on time.
--November 24th:  Loan must be CTC by 11/24 to allow closing package, figures and cash to be to title company in time.

Tax credit.  We've had 4 or 5 FTHB's a month and I've yet to have one cite the $8,000 as the primary reason:  low home prices and low rates are reasons #'s 1 & 2. 

A 5% mortgage rate today versus a 6% mortgage rate in the future is an $8,000 difference in just the first 3 years on our average loan amount of $300k. 

There is a huge FTHB market in their cubicles right now with good credit, adequate down payment and they know they are buying on low prices.  As soon as their employers say they're done with the pink slips, we're all busy--regardless of the tax credit.

Nov 04, 2009 12:58 AM
Nick Libert
Exit Realty--I'd love to service your Chicagoland referrals - Chicago, IL

@Chris I didn't know you had my notes, as it was actually a national bank who sent that information out.  However @Lana I did very quickly find out after this post that there were other lenders still accepting as late as this week and even next (per Chris) so see my more recent post on the tax credit to determine the docs needed for this. 

Keep writing guys!  This extension will be terrific if voted UP this week in Congress.

--Nick

Nov 04, 2009 01:03 AM
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