Why would anyone offer this nice reward to first time home buyers and then put the finish line right after Thanksgiving?
I think Thanksgiving is being disrespected here...!
Thanksgiving is my favorite of our fall/winter holidays. It's a time of goodwill, family, and fruits of your labors....one of which is food. Not to mention football!
But, to close an escrow when a million ca-zillion others are trying to do the same to meet the arbitrary deadline of November 30 is just insane. Effectively, the deadline has passed. Here in Southern California, if you are considering the purchase of a short sale or a foreclosure, know this, there is a snowball's chance in hell that it will be closed in time to meet the deadline. Even if you are looking at a good-old fashioned standare equity sale, you need to be chomping at the bit to wrap it by month's end in November.
See, the banks are closed on Thanksgiving, November 26. Historically, most escrow companies, which facilitate these escrow closings are closed on Fridays. While this year we may well see that change, this arbitrary deadline of November 30 is just insane! Besides, lots of folks travel Thanksgiving week, or used to!
Well, rumor has it that the powers that be are slowly seeing the light. But we don't know what the result of seeing the light will be so, for now, if you are looking to buy, do it now, not later. Home under $400,000 in Orange County particular (the surrounding counties will soon follow) are already past bottom and inching upwards. Rates took an upward turn last week and inventory is down. Sure, there's always talk of another wave of foreclosures, but they will be absorbed by the buyers that are out there.
If you want to buy, get off that fence and consult a Realtor today!
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