Everyone you know asked for this right? We all enjoy longer waits while thinking about where the couch is going to go and how great the bigger kitchen is going to be and how awesome that flat screen is going to look in the family room. Unfortunately, that is what is happening.
In principal, it's good stuff. In execution, it is making the 30 day close be history. The government is trying to crack down on predatory lending practices. So they are requiring the lending statements be delivered to the client - by mail, not email, mind you - before they can proceed with the appraisal and other parts of the loan. Long story short, lenders are having to jump through more hoops and go through more red tape to get the loan financed and done. There may be a few more documents to sign, more documentation to provide, etc.
But at least we know. Knowledge is power.
So when your sit down to write an offer, plan on a 45 day time frame from offer to close. The verbiage on the purchase agreement says "on or before", so if things move right along and the closing happens early (provided the seller is OK with that as well), then that's just gravy. But pushing for a 30 day close may not be the wisest thing. (well, unless you have cash. Then things move along a bit easier! 
Which brings up the point to those first time homebuyers wanting to cash in on the $8,000 tax credit - don't wait too long! My advice would be to get a purchase agreement in place by October 15 at the latest. I would hate for you to miss the Dec 1 deadline! I am expecting things to get kinda busy in November as well - causing a backup of services and lots of demand for things getting done.
If you need help finding a lender to help you, please give me a call.
Never a dull moment!
- Tristan
Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com
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