ShareThisSome First-Time Home Buyers are Scrambling to Meet The Deadline for The $8,000 Tax Credit!
The $8,000 tax credit is a blessing formost first-time home buyers and could become a curse for the one’s that don’t make the deadline. Today is Oct. 26th, if a buyer doesn’t have a ratified contract in process the odds of a buyer making it to settlement by the Nov. 30th deadline is going to be very unlikely.
Many title companies and mortgage companies I have spoken with are swamped trying to meet the deadline. I am hoping that the deadline gets extended but no word yet. Just a lot of speculation. A few words of advice to any buyer trying to meet the deadline.
1. Talk with your agent and lender once or twice a week for progress reports. You don’t want anything to fall through the cracks.
2. Make a check list of things you must do and get them done quickly.
3. If the lender or the processor contacts you about information they need from you get it to them immediately.
4. If your settlement or closing date is scheduled for Nov. 30th try to move it up a day or two (check with your agent or lender). If you can avoid the last day that would be great!
5. If you are just writing you offer on a property you must accept that you might not make the deadline. Your lender will try but most will not guarantee Nov. 30th.
The month of November will be a little crazy for some just hang in there the end results could be worth it!
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