First Time Buyers! Wake Up!
If you want to take advantage of the best government home buying incentive, the time to take action is now.
The program won't officially be done until the end of November, but this is for real estate purchases, not slurpees. With a
real estate purchase, you're looking at weeks, maybe months before you can actually close on your home. Now if you plan on purchasing a
Short Sale home, expect to wait even longer.
When buying a home you first need to locate the
right property, this doesn't usually happen your first day house hunting. Then you need time to wait for the sellers to respond and negotiate the offer. This could take more than a week depending on how prompt the sellers are, and how much
negotiation needs to take place. Last, in an element you have almost no control over, you need time to get your
mortgage loan processed and underwritten, (these days, it seems like it's taking a month and a half for final approval on FHA loans.)
So in a simple purchase transaction, you may be looking at close to two months before you can closing will ever take place.
To make things more complicated, more than 35 different
homes for sale in Logan are listed as short sales. With a short sale, plan on at least a month additional for closing time. During a short sale you don't just have to wait for the seller, you also have to wait for the approval of banks.
So, if you want to make the November 30 stimulus deadline, and are looking at short sales, you're going to want to have your offer in by the end of the month.
Happy House Hunting! And no more procrastinating.
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