Racing against time to beat the November 30 deadline for the $8,000 tax credit

It is understandable that as a first-time home buyer you may not be aware of the intricacies that go with buying a new home.  Imagine the pressure that you’ll feel having to go through this process without any prior knowledge and with a deadline to beat too!  Usually, it takes 12 weeks to search for a home (you really have to be thorough especially when pickings are thin) and an additional 6o days to get the documents in order to close the sale.  With the November 30 deadline looming on the horizon, you only have 12 weeks to search for a home and close the sale and beat all the other first time home buyers who are rushing to take advantage of the $8,000 tax credit. recovery.gov logo

What can you do to get a jump on the process?  The best thing that you can do for yourself is to get an online account with your preferred realtor.  With an online account, you can specify which type of house you’re looking for, which location you prefer, what your budget is, whether you’re looking for a furnished or unfurnished and many other details.  Whenever your conditions are, you’ll most likely going to receive an email (usually), or phone call to notify you of any updates so that you can schedule a look-see.

The next step is to prepare for negotiation.  What better way to get the upper hand than to arm yourself with updated information on prices, market sales, features and property values?  If you come prepared then the lender knows you mean business and aren’t likely to be fooled by smooth words.

Appraisals take time so you should make sure that the lender can satisfactorily deliver their appraisal on time.  Ask for a desk price if the property doesn’t appraise for the bid price.

Financing all boils down to the documents that serve as proof of income so you should start compiling your pay stubs, income tax statements and all that can help your cause.  The more complete your documents, the faster the approval rate.

The last thing that you can probably too is ask your insurance company to forward a cost estimate to your escrow company early.  The earlier they can accomplish this, the faster the escrow company can estimate your closing costs which you have to pay come closing time.

9 thoughts on “Racing against time to beat the November 30 deadline for the $8,000 tax credit”

  1. Print Postcards | Louise

    Both of you gave really good advices. Thanks for that! My friend is currently having a hard time looking for a home for her family. Maybe I can help her using both of your tips. 🙂

  2. Providence Utah Real Estate

    They may be extending the credit, and I think the talk of it has delayed some of the buyers who are interested in the program. However, we don’t really know if it’s going to get extended, and this could be hurtful to some first timers that may miss out, which is really sad. The next month and a half are going to be interesting, and will determine how real estate is going to be for the next year.

    Great post! 🙂

  3. want it to be expaned and extended. It will onlyu help the market and keep us busy
    .-= Paul´s last blog ..ARAMA MOTORLARI FAYDALARI =-.

  4. It would be wonderful if they extended the tax credit. But since that is still a little uncertain this time really becomes crucial to those who want to purchase a home. Those are really good tips for home buyers to speed up thier process. I will start recommending them as well.
    .-= Land For Sale´s last blog ..Pennsylvania Land for Sale | Nearly 1/2 acre lot in the Susquehanna River Valley. =-.

  5. Las Vegas Real Estate Paul

    The competition for buying properties here in Las Vegas is pretty insane right now. You have to wonder if the rush to beat the $8,000 tax credit deadline is creating a little mini-bubble as buyers offer more then list with a wave of more foreclosures on the way to market.

  6. Portland Oregon Realtors

    The tax credit is so important and anyone who is looking to get a home in the next 1-2 years and can afford it, now is definitely the time to act.
    .-= Portland Oregon Realtors´s last blog ..Portland Oregon Realtor talks about Hawthorne =-.

  7. Right now its a race against time with all the purchases we have in our system. It would be very dissapointing to get this close and miss it by a few days.
    .-= Mike Kennedy´s last blog ..What not to do when you are in contract. =-.

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