Howdy,
1st time buyers have only 103 DAYS LEFT.
The federal government's FIRST TIME HOMEBUYER TAX CREDIT is set to expire on November 30, 2009. To receive this tax credit, a qualifying buyer must have closed escrow by this date.
This tax credit 'ticking clock' will drive numerous buyers into the market over the next 3 months, so expect even higher competition for REO's than usual. I suggest that you anticipate 'above list price' offers will compete for the bank owned homes on the market during this time. This is very common. I have seen REO homes getting 15 offers after being on the market 3 days
Further, I strongly advise against considering short sale properties at this time. Given the typical turn around time on this type of purchase, it's highly likely that the transaction will not close before December 1st, 2009. This will preclude your first time buyer from receiving up to $8000 in tax credits.
Please give me a call should you need further information on this topic or finding your dream home.
Stephen Ledford
602-743-4817
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