Yes, if you are organized, ready and related to Superman there may still be time to close before the 1st Time Home Buyer Tax Credit expires. Definitely stay away from short sales. We published a post on October 12 indicating time for lender approval on a short sale is now averaging 9.5 weeks putting that type of transaction way out of reach. Also keep in mind you are not the only buyer trying to make the deadline. Mortgage brokers, lenders and closing agents are loaded with transactions to close before November 30.
Buyers Must Hurry to Meet Credit DeadlineThere’s still time for a first-time home buyer to complete a transaction before the tax credit expires Nov. 30, says Diann Patton, consumer spokeswoman for Coldwell Banker Real Estate.But home buyers who have to apply for a mortgage should make sure they have all the necessary paperwork in hand. Patton advises that they’ll need to have tax returns, income verification and bank statements, as well as completed applications forms ready to submit.Buyers in a hurry to claim the credit should also avoid short-sale properties, Patton says, because that process can delay closings.Source: USA Today, Sandra Block (10/13/2009)
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