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Old 09-23-2009, 11:06 AM
 
20 posts, read 68,473 times
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I have a friend who will be a first-time buyer and wants to take advantage of the $8,000 tax credit. The tax credit is for homes purchased before Dec. 1, 2009. I'm assuming that means she must close by Nov. 30. Obviously, she should get the house under contract as soon as possible. However, she's wondering what the latest is that she could realistically get a house under contract and still make a Nov. 30 closing date. Any ideas?
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Old 09-23-2009, 11:17 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,031,308 times
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Will depend on financing requirements. If cash, close can be within 2 weeks. Otherwise for a loan, allow at least 30-45 days. Your friend should discuss with a lender as part of getting pre-approved. I recommend she have a house under contract by mid-October at the latest.
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Old 09-23-2009, 11:32 AM
 
Location: I'm gettin' there
2,666 posts, read 6,993,146 times
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Quote:
Originally Posted by rjrcm View Post
Will depend on financing requirements. If cash, close can be within 2 weeks. Otherwise for a loan, allow at least 30-45 days. Your friend should discuss with a lender as part of getting pre-approved. I recommend she have a house under contract by mid-October at the latest.
I second this !!
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Old 09-23-2009, 11:39 AM
 
27,932 posts, read 60,105,374 times
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I've closed on a home in 72 hours... it was AS-IS, unencumbered and a cash sale.

Actually, I closed on a home in 24 hours... wrote a purchase contract at 10 in the morning, had a preliminary title report in the afternoon and recorded the next morning...

Typically, it takes 21 days if everything stays on track... the biggest variable comes into play when the buyer is dependant on outside financing... it can take weeks or even months... and then still not close.

First she has to come to terms with a seller... some people look for months before getting an accepted offer.

Finding a home with seller financing can speed-up the process...
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Old 09-23-2009, 11:50 AM
 
286 posts, read 1,320,322 times
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Ultra - were any of those purchases that you made in under a week your "first purchase?" The OP's friend is a first time home buyer and very likely NOT going to be making a cash purchase (but I don't know that for sure). Which like you said, could take several months to close because of financing. Mine took 4+ months to close in August and was relatively straight forward (had a signed offer in May with bank pre-approval!)

With the final heat on to get first time home buyers in a house by 11/30 deadline, the waiting lines are getting long, which means longer delays in the next several months, don't you think?
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Old 09-23-2009, 12:10 PM
 
125 posts, read 609,742 times
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Quote:
Originally Posted by zulu400 View Post
I second this !!
And I third it!! But have your friend start gathering her financial data now. (ie: bank statements, savings statements, explanations for any large deposits, gift letter (if applicable), etc.). I'm going through "underwriting" now and, trust me, it's best to have all of this stuff available so as soon as they ask for it, you give it to them. Don't give anyone any reason to 'put your file down'... b/c as another poster stated, my lender has told me that there's an increase in buyers b/c of this tax credit and everyone is trying to beat the deadline. HTH.
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Old 09-23-2009, 12:29 PM
 
27,932 posts, read 60,105,374 times
Reputation: 22790
Quote:
Originally Posted by Eusibius2 View Post
Ultra - were any of those purchases that you made in under a week your "first purchase?" The OP's friend is a first time home buyer and very likely NOT going to be making a cash purchase (but I don't know that for sure). Which like you said, could take several months to close because of financing. Mine took 4+ months to close in August and was relatively straight forward (had a signed offer in May with bank pre-approval!)

With the final heat on to get first time home buyers in a house by 11/30 deadline, the waiting lines are getting long, which means longer delays in the next several months, don't you think?
You are absolutely correct... word is from family members in the business that the biggest problem is funding delays or just outright stalling and this is on top of last minute lender demands...

I had a property in Escrow that 3 days before closing was rejected by the Lender, Wells Fargo, because the "No One Realized the Home was on 17 acres? How can the lender miss this when it was on the purchase agreement and appraisal WF ordered?

No one bothered to call me and it was just happenstance that I called them... they said they mailed out the denial that morning and the Escrow took it upon themselves to cancel

Anyway, I wired the funds and closed on schedule because there were back-up offers for more money just waiting

Find out who is making loans in the neighborhood now... it can really save time and frustration.
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Old 09-23-2009, 03:00 PM
 
861 posts, read 2,608,064 times
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We just saw a townhome this weekend, put in a bid yesterday, and went into attorney review this morning. Our closing is scheduled for November 6th, so there is still time!
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Old 09-24-2009, 10:37 AM
 
Location: Plano, Texas
1,675 posts, read 6,806,228 times
Reputation: 697
Your friend has plenty of time but i would recommend they get moving quick. As the deadline for the expiration of the credit approaches, many consumers will be putting new loans into the system which will probably cause delays in the process. If the loan closes one day after for any reason, they wont get the credit.
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