Don’t Wait-Only 138 Days to Claim Your Share of the Tax Credit

Real Estate Agent with Integrity Real Estate Group

Don't Wait To Start Your House HuntThe rush is on.  The deadline for purchasing a home using the $8000 tax credit is November 30, 2009.   You might be surprised to find out how quickly the remaining days left to take advantage of the "free" money from the government will click away.

Let's take a look at how you might use up your time remaining.

Before you even head out the door to look at houses you need to have made contact with a lender and start the pre-approval process.  The further you get along in this process before you get in a car to look at a home the better.  For timing we will say that this process will take you a week because you are super organized and have all of the documents on hand that your lender needs.  (7 Days Gone)

Now you are ready to actually head out and look.  With lower inventory (below $250,000) than a year ago, it would be realistic to think that it will take you 30 days to find a house.   Then there is the contract ratification process.  If you are lucky and you have focused on seller owned properties you may be able to get a ratified within 7 days.  (37 Days Gone)

With the new appraisal rules (HVCC) and the new lender rules (HERA) going into effect you can expect that getting your final loan approval will be 30-45 days.  For our calendar we will take the longest number just to be safe. (45 days Gone).

How are we doing so far?  Looks like we have knocked 89 days off the calendar leaving 49 days left until the deadline.  Whew looks like you have plenty of time to get this done.

Wait we forgot to add in the days that FHA is going to require for a second appraisal (it is happening more and more) or the processing time at the settlement company.  So let's pad those 89 days with an extra 7 to be on the safe side.  Now we have taken a total 96 days off the calendar.  Leaving you 42 days to move in and enjoy your new home. 

If you take longer to find a home, if the lender takes longer to approve your loan or you think you want to buy a short sale....then you may have waited to long!

Are you still thinking about whether the market might decline a bit more making your dream home just a bit more affordable?  Or are you waiting for the interest rates to come down to 4.5% again?   If you are then every day you wait is one less day that you have to deal with any issues in your schedule.  If you are serious about buying a new home this year and are eligible for the $8000 tax credit then time is of the essence.  Don't sit on the fence much longer or you may find yourself looking at the calendar on December 1st and wondering what you were waiting for.

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Integrity Real Estate Group
Real People*Real Life*Real Estate

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Comments (38)

Nicholas Goraczkowski
Aurora, CO
Your Mortgage Resource - (720) 83-RATES

Great point of view on it. Dec. 1st sems so far away until you look at it this way.

Jul 15, 2009 05:08 AM
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor


I keep reminding my customers and clients also.

Jul 15, 2009 05:37 AM
Lori Cain
eXp Realty - Tulsa, OK
Midtown Tulsa Real Estate Top Producer

I am definitely re-blogging this. The Lenders are already backed up with refinances, and it's taking longer to close than it use to. I can't imagine what a nightmare month November is going to be!

Jul 15, 2009 05:52 AM
Michelle Triolo
Century 21 New Millennium - Annapolis, MD

I re-blogged too! This is great, thanks!

Jul 15, 2009 06:02 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Cindy...looks like you have a few re-blogs for this great posts. November is just around the corner.

Jul 15, 2009 06:42 AM
Joel Weihe
Realty World Wichita - Wichita, KS

Great post, and timely too. Reminds me to remind my clients!!! Time flys.

Jul 15, 2009 06:56 AM
Jonathan Hall
William Pitt Sotheby's International Realty - Danbury, CT
Realtor - Danbury,CT Area Real Estate~203-417-0523

Thanks for the reminder. It's now my status on facebook

Jul 15, 2009 07:01 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Yes . . . time IS money in this instance!!

Jul 15, 2009 07:02 AM
Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

Cindy, I was thinking about this the other day when I saw a tweet on Twitter.  Your calculations are a little off....You're forgetting

  • Labor Day
  • Veteran's Day (shame on you!)
  • Columbus Day (a Federal Holiday for our area but the banks are probably open)
  • Thanksgiving (and probably the Friday after Thanksgiving)

Of course, there are always the intangibles like "the processor got sick/had a baby/went on vacation".  The appraiser "got sick/had a baby/went on vacation". Underwriting wants to do a desktop appraisal or second appraisal.

And this is for the "easy" ones.

The clock is tickin', girlfriend!

Jul 15, 2009 07:50 AM
Nancy Milton Holtzscher
RE/MAX Alliance in St.Louis' Illinois suburbs - Edwardsville, IL
Edwardsville/Glen Carbon, Illinois Broker, REALTOR

Thanks for the great timetable. I've reblogged you.

Jul 15, 2009 08:09 AM
Paul Pival
Coldwell Banker Bain - Tacoma, WA
A Realtor with the soul of a professor.

Nice post!

Jul 15, 2009 08:17 AM
Laurie Meacham
Parker Real Estate Services P.C. (Logan Utah Real Estate) - Logan, UT

Cindy - Great post!  The summer has cruised by and this is a good reminder for first time buyers to get a move on if they are depending on this credit.  I'm going to re-blog this as well.  Thank you! - Laurie

Jul 15, 2009 08:49 AM
Bill Blair
Coldwell Banker Realty - Covington, GA
Covington Georgia Realtor Covington Living Homes

Great post, and very timely, Cindy.  Seems like a long way off until you think about it!  we all need to remind our buyers and the buying public at large!

Jul 15, 2009 09:09 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Glad this got featured Cindy.  I did a similar post this week as well! It is important to get the word out!

Jul 15, 2009 11:08 AM
Muffy collins
Bridgeport, CT

It will be here before we know it. You are right, everything takes time and we need to start now!  This is 8,000 for 1st time home buyers.  Thanks for the reminder!

Jul 15, 2009 12:25 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Then there's the issue of things like short sales and how long those can take to get bank approval.

Jul 15, 2009 01:40 PM
Carol Pease
JP & Associates Realtors - Bastrop, TX
CRS, Broker-Associate 512-721-6320


I don't understand why buyers aren't jumping all over this.  This credit is way better than the one it replaced and all they have to do is live there 3 years.  This seems like a no-brainer.  I'm going to contact my database all over again.  Now is the time!!! It doesn't get any better. 

Jul 15, 2009 02:43 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Cindy -- Thanks for the reminder as time is definitely of the essence for first-time buyers today.

Jul 15, 2009 03:41 PM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

What a good post THANK YOU...I hope you dont mind but I am thinking of reblogging this... it will be my first but it is good information and couldnt be said better... thanks 

Jul 15, 2009 04:35 PM
Cynthia White
RE/MAX Solutions ( Brevard County) - Palm Bay, FL

Great blog! We do need to motivate our 1st time home buyers. They have a wonderful opportunity. This also motivates myself to get the word out. ...

Jul 16, 2009 12:15 AM