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We're thinking of buying a house this year, but our apartment lease won't be up until Nov 30. (Which also happens to be the cutoff date for closing in order to qualify for the $8000 tax credit.)
We plan on buying a house this fall and planning the close for the middle of November. I've read a few threads about people saying their closing date was pushed back. How common is this?
If we planned to close mid November, we would be screwed if it got "pushed back" to past Nov 30. (And without qualifying for the tax credit, we would probably wait to buy for another year or so. The tax credit is what is convincing us to buy this year.)
I'm also concerned that there willl be a big crush of buying going on that month, so everyone will be backed up. Is this a valid concern?
How late can we safely plan on closing without missing the cutoff for the credit?
On my first house I purchased it went smoothly and the closing date was not pushed back. I'm now buying a second home and it's been pushed back twice already. This house is a foreclosure so I understand it's a little bit more complicated. You could add into your contract a contingency that you close on a certain date or penalties awarded in your favor. The seller may not appreciate it and pass over your offer for another with no such contingency though
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