First Time Home Buyers Should Find a Home Soon

If you are a first time home buyer and are considering purchasing a home and benefitting from the first time home purchase tax stimulus, you will want to stop thinking and start looking.

The purchase transaction will have to be closed before December 1st, 2009. However, once you have an offer accepted, it can take a couple months to close on a deal. It used to take 30-45 days to close on a deal, but that number has been increased recently.

  • Understaffed lenders aren’t able to handle files as quickly as they used to, so loan underwriting takes much longer than before.
  • Recent regulations criminalizing all direct communication between appraisers and mortgage brokers adds another few days to weeks on to the transaction.

Right now, it’s not unusual to see a sale go 45 to 60 days or longer before closing! This means if you don’t buy before September 1st, there is a chance you won’t close in time.

  Don’t miss out on this once in a lifetime opportunity. Prices are low, interest rates are low, and there’s a lot of homes to chose from. It’s a lot easier and cheaper to buy a home than you may think.

How to save time finding a home:

  • Find a buyer’s agent.
    – A free buyer’s agent can show you all properties you might like in one or two days.
  • Search extensively online and find the best choices
    – You can save time by eleminating the least likely possibilities so you don’t have to visit too many homes. Start searching now!
    – Install Dwellicious.com and save all the properties you find from all the sites to one location.
  • Don’t search way out of your price range.
  • Have your preapproval letter, good faith estimate, and earnest money ready for an offer.

Call or email today for a free consultation.

Start searching Stark County now!

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