The Real cut off day for the $8000 credit is Nov 25, NOT Nov 30!

By
Real Estate Agent with RE/MAX Professionals, CT 203-206-0754 REB.0759001

We're heading into the home stretch for first time buyers to be eligible for the $8000 tax credit. If the proeprty isn't under contract within the next 10 days, then chances are real good that it won't close on time.

One date that everybody has been looking at for months is Nov 30, , a Monday as the drop off date. Well take a look at the calender and see where that falls.

THANKSGIVING is Thursday, Nov 26. Many people in the banking system use this day as one of their 'floater' vacation days in order to get a long weekend, get a jump on Christmas shopping, which is signaled by Friday, Nov 27, or to enjoy a visit with friends and family out of the area. After all the Thanksgiving weekend is the most heavily traveled weekend of the year.

Think your lawyer's staff are going to be concerned about your purchase, especially after you've spent months trying to get something better than the last great deal you had before you? Think again. The only people that care about your purchase are you and your agent, to the rest of the system you're a number, and if your number isn't at the top of the pile, oh well.

I would anticipate that with the rash of closings that may be coming on that date, that the banks, lawyer's etc, might stay out there a little while longer, like the IRS does on April 15. But if not, too bad. Within the world of finance, unless you have connections on Wall street or higher, the everyday person doesn't catch that break.

So, if you want to get that credit, get serious. Time is running out, and you will have no one to blame but yourself.

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Ed Silva  RE/MAX Professionals,   203-206-0754

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Ambassador
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Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Ed - This is an excellent point.  I sincerely wish that this had generated more excitement among first-time homebuyers in our area.

Sep 29, 2009 02:02 AM #1
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Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I'm with Jason....this is the smart point on the $8,000 tax credit.  Just good stuff to have out there.

Sep 29, 2009 02:06 AM #2
Rainer
42,917
Brian Griffis
Realty Choice - Springfield, MO

I imagine they will extend it anyway.  The government is real good about giving away our money, so look for this to go on for a long time. 

Sep 29, 2009 02:12 AM #3
Rainmaker
66,199
Tammy Woodin
Bellingham, WA
Sudden Valley, Washington

Thanks for the heads up on the dates; a few days makes a difference.

Sep 29, 2009 02:26 AM #4
Rainmaker
1,268,064
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Hey Ed, guess you are going to have a flurry of activity is sales...especially once November 1st arrives and it sounds like the end of the line..  In your last paragraph Ed, you certainly gave some good words of wisdom! 

Sep 29, 2009 04:14 AM #5
Rainmaker
383,626
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Ed: Wow I am amazed that we are this close to Nov. 30th and this is the first time I realized when Thanksgiving is. Thanks for bringing this to my attention.
:)

Sep 29, 2009 06:07 AM #6
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed, First Time Buyers should act quickly and not take a chance on closing on time.  I can't talk for other Lenders, but we will be open on Friday and Saturday after Thanksgiving, and we are asking the Attorney's on our Attorney List to do the same.

Sep 29, 2009 02:18 PM #7
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, there's a lot to say for the dedication, but can you say the same for your lenders? That will be were the hang up comes on Nov 30. Can you see BOA giving 2 hoots for it's last minute business?

Sep 30, 2009 12:48 AM #8
Rainmaker
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Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Ed:

I agree to be safe make it November 25...in fact, to be safer, shoot for a November 1st closing...

Never fails, there are always last minute delays!

Sep 30, 2009 01:08 AM #9
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed, like I said, I can't speak for other Lenders, but we will be open on those days.  We are a Direct Lender so we fund the loans and they close in our name.

But you are probably right about the big boys, very unlikely they will do the same thing.

Sep 30, 2009 06:40 AM #10
Rainmaker
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Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

I know there are several agents in the office scrambling to get their buyers closed, USDA is so behind. Great post!

Sep 30, 2009 04:00 PM #11
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