So Why The Clock AND Is It The Right Time? Which clock should be used?

By
Real Estate Agent with Keller Williams Realty Chesterfield

So Why The Clock AND Is It The Right Time?  Which clock should be used?

I have been using this clock, below, for some time now on my weekly market updates to draw attention to how much time is left until the $8,000 Tax Credit expires. 


Countdown Clocks

And to the best of my knowledge, right now, the Tax credit is set to expire at the stroke of midnight on November 30, 2009.

So here is my dilemma…..On Friday I was talking with a friend and managing broker from another company.  Yes we can have friends that work in other companies, but I digress.  He brings up a very interesting point and one that we need to look at when presenting this topic to our eligible homebuyers.  That is:

  1. November 30, 2009 is a Monday
  2. November 29, 2009 is Sunday
  3. November 28, 2009 is Saturday
  4. November 27, 2009 is the day after you guessed it
  5. November 26, 2009 which is a Thursday and a HOLIDAY (THANKSGIVING)

Does anyone see a possible problem here?  Or is it just me?

    • Are we considering the possibilities of potential problems with funding, to where the property has closed by the prescribed time?
    • Title companies/Attorneys can handle just so many closes in a day even if they have extra closers on hand to handle the rush and where will they come from?
    • Banks are still going to close at 5pm, maybe 6pm in some areas!
    • What about getting the wire transfer of funds in time to close before 5pm, maybe 6pm in some areas?
    • What happens if there is a change to the settlement statement that will affect the APR at the last minute?  Remember the RESPA changes that have taken effect just recently.
    • And the list could go on and on.

So should we be looking at, at the latest unless it is an all cash deal, closing on Friday November 20, 2009?  Just so we will have a little bit of a cushion in the event of a problem!

That being the case, if we figure 45 days to close on a home then this is what the clock would look like to have an accepted contract as opposed to the one above.


Countdown Clocks

 

Just sayin’………………………

 

Posted by

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Don Rogers is a licensed REALTOR® in Missouri.  I specialize in St. Charles County Missouri and have called O Fallon MO my home since 1993.  If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email.

 

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Re-Blogged 5 times:

Re-Blogged By Re-Blogged At
  1. Terrie Leighton 09/20/2009 03:55 AM
  2. Ann Allen Hoover 09/20/2009 04:54 AM
  3. Rebecca Gaujot, Realtor® 09/20/2009 05:11 AM
  4. Mary Douglas 09/21/2009 04:33 AM
  5. Debra Kukulski, Broker Associate 09/22/2009 01:33 AM
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Ambassador
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

As we are quickly approaching this tax credit deadline, we really need to start paying attention to these dates. They look quite scary to me. Trying to get everything done and on time is a lot of pressure for all involved.

Thanks for the heads up Don. Buy maybe, the $8000 Tax Credit will get extended and all of our worries be have been for nothing, at least for now anyway.

And, yes, your new profile pictures looks great! Have a wonderful day!

Sep 20, 2009 03:52 AM #7
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good afternoon Terrie,

It would be nice to have the tax credit extended and maybe it will.  My one concern is what if it isn't then where will buyers be?

Thank you for the compliment on the new pic....

Sep 20, 2009 04:20 AM #8
Ambassador
686,098
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

I thought this was so important I reblogged it for my local readers. :)

Sep 20, 2009 04:59 AM #9
Rainmaker
2,471,948
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Don, this is something Realtors really need to think about...I've reblogged to get the word out.

Sep 20, 2009 05:12 AM #10
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Ann,

Thank you for helping to spread the word and reblogging this post.  BTW, I like your new photo.

Sep 20, 2009 05:47 AM #11
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Rebecca,

Thank you for helping to get the word out, I appreciate the reblog.  I hope that there won't be anyone left out because they have held off too long to make a home buying decision.

Sep 20, 2009 05:49 AM #12
Rainmaker
3,976,051
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

OUch...that's enough to put a wrinkle into the hood of my car.  Tahks for the tip.  I need to adjust a few clients thinking!!!!

Sep 20, 2009 06:52 AM #13
Rainmaker
626,217
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Don, this is a great wake up call!  Something I'll bet a lot of us have not already considered.  I will definitely have to Re-Blog this tomorow!  Thanks for looking far enough into the future that we see the deadline might be sooner than we think!

Sep 20, 2009 07:37 AM #14
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

William,

That will put a wrinkle in a lot of places, your hood could be just one of them.  You're welcome.

Sep 20, 2009 07:48 AM #15
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good afternoon Mary,

Thank you ma'am and I hope that it will be seen by many.

Sep 20, 2009 07:50 AM #16
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Sounds like we better get them closed by the 25th to be sure. Hate to have it get to close and miss the date.

Sep 20, 2009 08:19 AM #17
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Terry,

I am thinking that there is no time like the present to get things done.  Those that wait too long will wind up missing out.

Sep 20, 2009 09:52 AM #18
Rainmaker
545,046
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Don:

Good point!!!

Then figure in some last minute delays too...

Time is running out!

Sep 20, 2009 12:25 PM #19
Rainer
229,238
Ryan Shaughnessy
PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner

Don - As always, you add another dimension to the conversation.  It is going to be a mess the last week of November.  If agents aren't using some disclaimer language in their buyer's agency agreements, it would be a good time to take a second look.

Sep 20, 2009 01:20 PM #20
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good evening Ms. Toula,

These two clocks have gotten some attention today.  All I can say is thanks to my friend for taking the time to talk to me on Friday.

Sep 20, 2009 01:21 PM #21
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Mr. Ryan,

Now that is another dimension to this whole topic.  You are so right sir about the last week of November.  I think that too many agents are thinking that there is going to be an extension, I am not to sure there will be.  So either way we need to be moving with the facts and only the facts.

Sep 20, 2009 01:25 PM #22
Ambassador
3,671,830
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Don, like anything else cooked up by the Federal Government to help us, this is not simple!

Sep 21, 2009 02:10 AM #23
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Pat,

It does make you wonder doesn't it.  You would think that they sit around and think of ways to complicate things.

Sep 21, 2009 02:13 AM #24
Rainmaker
182,557
Debra Kukulski, Broker Associate
RE/MAX Unlimited Northwest - Cary, IL
SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL

Don, what a great post and I love the countdown clocks!  Count me in for another re-blog!

Sep 22, 2009 01:29 AM #25
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Debra,

Thank you for the reblog and for stopping in today for a visit.

Sep 22, 2009 11:47 AM #26
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