Only 75 more days until the current first time home buyer tax credit ends. Let’s find out if you qualify and what some hypothetical time lines look like.
If you are an FHA buyer you will need at least 45 days to close. If you’re buying a bank owned/REO property it may take up to a week to get an executed offer. That leaves 20 days to find your property.
Most conventional loans can be closed within 30 days. Still factor in time for bank/seller response.
Cash offers can usually be closed within three weeks depending on the seller and the result of your inspections.
Considering a short sale? Sorry to say, entering into a short sale contract at this time will more than likely close after the November 30th deadline. Though sometimes in good condition and priced well, they take between 3-6 months to close.
Create a cushion in your time line
If at all possible, have your closing scheduled for at least 7 days prior to the deadline. Many other buyer’s are taking advantage of the credit and will be closing at the end of November. The last thing you want to happen is an escrow extension beyond the deadline.
You need to remember that many markets are very active right now. Properties that are somewhat well maintained and priced right are receiving multiple offers. It may take one, two, or even more offers to finally get into escrow. The most common feeling of these multiple offers is frustration. Don’t be discouraged. Your Realtor is there to help you find a home that has a great possibility of closing by the deadline.