Is it too late to write a contract for a First Time Buyer?

By
Real Estate Agent with Magnolia Properties

My First Time Buyer continues to lose out on all of the "deals" out there! We have been beat on every offer we've made! 

I swore I wouldn't write a contract after the 15th of October for ANY First Timer.  Here it is the 15th and I still haven't been able to help my buyer find a home! 

Is it too late?  Are they going to extend the Tax Credit for first time buyers?  WHEN are they going to extend it?  Should I take a chance and write a contract that might not close by November 30th?

What are your thoughts on the Tax Credit extension?  Are you still writing contracts for First Timers with the hope they'll close by November 30th?  What is YOUR cut off date?  Will you write contracts until October 30th? 

 

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Ronda Densford, REALTOR
Magnolia Properties
Jacksonville/Northeast FL 
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Comments (4)

Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

I love to read a great post like this one. Please keep them coming!

Oct 15, 2009 02:27 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Hi Ronda, whether or not the extension is granted, the buyer's focus should be on getting a house that is right for them, and not just to buy a house so that they can be given an $8000 tax credit. That should be the icing on the purchase, not the focus of the purchase.

Oct 15, 2009 02:37 AM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents

I swore I wouldn't write a contract after the 15th of October for ANY First Timer ... the key is if they want the tax credit they might be in for a rude awakening. However, I think it may still be done - assuming that the buyer goes to a banker, instead of a broker. The hold up is usually the bigger lenders. I do not want to discount any "brokers" and get their tails stepped on.

Oct 15, 2009 02:41 AM
Ronda Densford
Magnolia Properties - Jacksonville, FL
Realtor - Jacksonville and Northeast Florida

Thanks for the comments.

I have tried to convince them that the savings they'll get by buying one of these "distressed homes" will offset the $8000 Tax Credit. So far, they aren't sold on that idea.  They are determined to buy something in time to qualify for the Tax Credit.

I had a disclaimer written up that is basically a Hold Harmless form explaining that I can't guarantee that a home will close in time. I also have a little blurb in it about not knowing when/if the Tax Credit will be extended.  We've had many, many conversations about this.

We're looking at several homes this weekend. Maybe we'll find the "perfect match" this weekend and close in time!  I hope so. I really want them to love the house they buy and not just "settle" because they wanted to get the $8000 Credit.  I just don't want them to be disappointed if the Credit is extended the day after they close!!

I really think Congress is going to extend the Credit.  But when??? 

Oct 15, 2009 02:52 AM

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