First time home buyers - Have a Plan B in your pocket for greater odds of success.

Every home buyer wants a bargain.  I love bargains myself. 

However, your home purchase won't feel like much of a bargain if you miss out on the deadline for the first time home buyers tax credit because you waited for months for a reply on your offer to purchase a short sale property. 

In the next couple of months we are going to be seeing a buyers frenzy as people start to understand that the deadline is approaching. 



I'm not going to be popular with listing agents for saying this, but here goes:  If  you are going to place an offer on a home that needs short sale approval keep updated about the current market and available homes after you have the sellers approval.  You need  2 sets of approvals for your short sale offer:  One from the home sellers, one from their mortgage holder.  Until you get that approval from the mortgage holder you don't have a deal.

Have a Plan B:   Give yourself a firm cutoff date on when you need to hear back from the mortgage holder and need to move on with your home search.  (I suggest no later than September 1st.)    Ask your buyers agent to send you regular updates on the homes that are coming on the market that meet your criteria.  Stick to your cutoff date.  If you haven't heard back from the mortgage holder in a positive manner about your offer on the short sale property move on without looking back.

****The deadline to close on your home in order to qualify for the First Time Home Buyer tax credit
is November 30th, 2009****


~Kris Wales~   A partner for your real estate needs in Macomb County MI
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