Some People Don't Want an Extra $8,000
Today I met a man at my Open House who is going to buy a home but doesn't care about the $8,000 tax credit. Well, he said it would be okay but he's going to buy whether he gets it or not. He just started looking at homes today so he wants to look around a bit before he makes a decision. (The house we held open today has a contract on it now; it's been on the market for 6 days.)
Personally, I don't believe in rushing to buy something as important as a home you're going to live in for at least several years. But still....$8,000 is not an amount to be sneezed at.
Starting tomorrow, 8 March 2010, there are only 54 days left until the deadline. If you sit down with an agent for an initial consultation sometime during the next business week (M--F), and then allowed another 5 days for the agent to narrow down the choices for you, show you the homes and help you select the best one according to your needs, you could have an offer submitted by the 17th. If the sellers accept that day, you can start inspections on the 18th and finish on the 22nd. That leaves only 40 days for the lender to do their appraisal (2-14 days), the final approval (2-28 days), and the underwriting (2-15 days) and get the file to the title company in time for them to prepare the Closing Documents. It would be close, but it could be done. 
Of course there are a few things to remember if this is your plan:
- Select a home that will pass an FHA inspection
- Select a local lender who can and will perform
- Make sure the sellers are willing to close quickly
- Use a title company that does good work quickly
- Make your appointment with the inspector immediately upon acceptance (They are busy with all the people trying to get in before the deadline.)
- Don't get bogged down fighting with the seller over something as ridiculous as the timer on the oven
Now, if you truly don't care about the $8,000 Tax Credit, or if you cannot buy until after the deadline, that's okay; I'm not trying to rush anyone. But for those homebuyers who are out cruising Open Houses thinking that they have plenty of time, I want you to know that you really don't.
If you are going to buy a home soon, and you want to get the Tax Credit, call your agent first thing in the morning and tell them so. If you don't have an agent, find a good one and ask them if they can help you. There are only so many hours in the day and I see people who are not going to get this done in time.
Instead of spending time aimlessly wandering through Open Houses, sit down with an agent, tell them your needs, and let them narrow down the possiblities for you so that you can take advantage of this free money.
Why is an agent necessary to narrow down the choices? There are a total of 16,656 listings for sale in our MLS. In zip code 64113, there are 136; zip 64114, 232; zip 64131, 176; zip 64112, 204; zip 66208, 179; zip 66205, 105. Those are the most active close-in zip codes. You don't have time to see 100 homes. Some are not in your preferred price range. Some don't have the screened in porch you want. Some are short sales. Some are REO's. You don't have time to buy a short sale or an REO. Some will not accept an FHA buyer; if you're an FHA buyer, you don't need to see that house.
When I have time to prepare a proper home showing tour for my clients, they usually end up buying one of the first 3 homes we see.
How is that possible? My clients tell me what is truly important to them. I listen. I seek. I find and present the best of the best of the best to them. Some clients are in town for only 1 or 2 days; they don't have time to mess around; they are here to buy a home. It's my job to preview and eliminate the unacceptable homes for them before their arrival. Clients who already live in town have usually been to a few Open Houses before they call me. When I show them my picks, they know that they can't do any better.
Your Buyer's Agent is there to help you find and buy the best home for you according to your preferences. This is our job. You already have a job. Don't try to make your life harder by not using the services you are entitled to.
Understanding Your Relationship with Your Realtor
Maria Morton, Realtor© with Prudential Kansas City Realty 435 Nichols Rd 3rd Floor Kansas City MO 64112
816.410.5499 Office 816.560.3758 Mobile 816.410.6302 Fax
ABR (Accredited Buyers Representative) SRES (Senior Real Estate Specialist)
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