Deadline for $8000 tax credit looms in California

Here is something from a California mortgage lender:

First time home buyers: Are you still at the computer, doing endless "research" on how to snag the $8000 TAX CREDIT for buying a house this year?

Does the November 30th deadline seem like a million years away as you think about fireworks (not turkey leftovers)?

First time home buyers: Get your butts in gear. NOW.

This is the wrong time to claim you only get motivated when a deadline looms.

Here's why: Buying a house takes longer than you think. There are 8000 reasons you DO NOT want to miss this deadline.


Let's back things up. Do you think OTHER first time home buyers might wait until the last minute? Lenders could very likely experience an overwhelming amount of applications this fall.

With applications already taking 45 days, it could easily take 60 days to close your loan. Or more. Lenders are already ridicuously understaffed.

This means you will need to be in contract no later than the end of September.

If you have not already done so, you will need to accomplish this during the months of July, August and September:

Find a Mortgage person

Find a Real Estate Agent

Find a House
Make an Offer, negotiate terms. Find another house if first offer is rejected. Get new offer accepted.

Get financing completed and loan closed.


Some likely time lines and what to expect:


1. Apply for a mortgage. Provide the required documents and ask for a pre-approval. This will uncover any glitches standing in the way of your approval. This will make certain you have the right amount of funds in your account, or lined up as a gift. This will let you know your price range before you begin shopping for a house. This will let the Realtor know you have done your homework and are serious. ESTIMATED TIME REQUIRED: 1-2 weeks


2. Figure out where you want to live and find a Realtor. Look for a Realtor that knows the neighborhood where you would like to buy. Communicate openly and be on the same page if you are buying with another person. ESTIMATED TIME REQUIRED: 2-3 weeks

3. Shop for a house with your Realtor. ESTIMATED TIME LINE: 3-4 weeks.


4. Make an offer, negotiate terms, get in contract. Ask your Realtor about timing before making an offer on a short sale or a lender owned property. ESTIMATED TIME LINE: 1-2 weeks or more...depending on how many offers it will take to get a house. Market could become highly competitive as the deadline looms.


5. Secure financing with lender, and close the loan. Inspections and appraisal will occur during the time as well. ESTIMATED TIME LINE: 6 weeks to 8 weeks


Worst case estimated time line: 19 weeks.

Weeks until November 30th? 22 weeks, beginning next week.

Can you do this in less time? Yes you can.

Just like when you gave your Mom that lame ceramic unicorn for Christmas (purchased in a panic on Christmas Eve, thrown in an obviously used gift bag, then sneakily placed under the Christmas tree minutes before gift opening).

Written by Janet Guilbault, Mortgage Banker/Broker Based Out of the San Francisco Bay Area



Dan and Lida Deutsch, CRS, Buyers Agents

FHA Financing Contingencies and Problems

FHA has tightened up on what they will approve. If there are any questions about lead paint, potential water leaks, damage of any sort, or substandard heat, utility, or electric, then FHA may require exhaustive and potentially expensive work be done by outside contractors. FHA appraisers require a property to be up to the higher standard or they will not authorize the BANK to give the buyer an FHA loan.

Many sellers -and agents for sellers- do not want to deal with the lost time and potential expenses involved with trying to get a buyers FHA appraisal approved. If the seller's agent .... or the seller.... is not interested in getting a home FHA approved in advance, or in taking the chance the property will be rejected by FHA, they can sell it to any buyer who is approved for a CONVENTIONAL Loan. There are a lot of buyers who can get a Conv. Loan. It is the sellers choice to accept an offer with a financing contingency of any sort - FHA or Conventional or VA. On not. A seller could theoritically refuse all offers except cash.

If the listing agent stipulates the property will not go FHA what they are saying is that the seller is not going to sign an offer with an FHA financing contingency. It could be the property would be FHA approvable.... but they are taking a risk by agreeing to an offer with an FHA requirement......If they signed it they could shooting themselves in the foot. On the other hand there are FHA sales which have fallen through because the seller could not or would not spend thousands of dollars to upgrade a property, and the result was the buyer was out the cost of the appraisal, lost the house, and maybe lose some chances at other homes in the meantime .


Dan and Lida Deutsch, CRS, Buyers Agents

How many of your renter friends will give up $8000........?

How many of your renter friends will give up $8000 and the dream of owning a home?

If renters don't buy a home this year then when?.....when?..... people who succeed at remaining renters this year will feel they cannot afford a home next year.....rates and home costs rise far out of reach.

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Here is the link to the MLS... go find a home for yourself of someone who rents. http://mls.fargohomes.com

consider signing up for our home buying class.. go to http://classes.fargohomes.com

Dan and Lida Deutsch, CRS, Buyers Agents

Buddy System Option Added for Home Buyers Classes

Introductory First Buyers Classes teach How to Get $8000 this year!
Register here: Introduction to the $8000 Home Buyer Credit
How to get $8000 in cash THIS YEAR

Now we have "Buddy System Option Added for Home Buyers Classes" Why not share your good fortune with others. See http://classes.fargohomes.com today and sign up with your friends.

***We have 2 openings per week dedicated to Buddy System.

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ND Housing Finance Agency: First Time Home Buyers Classes
HomeSmart - Homebuyer Education Incentive Program: "To encourage first-time homebuyers to ask questions, make decisions carefully, and prepare for successful homeownership, the North Dakota Housing Finance Agency offers the HomeSmart Program.
HomeSmart provides a $100 grant to first-time homebuyers who complete an approved homebuyer education workshop".
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Western Bank does First Time Homebuyer Loans! Call Nate Monson for information:701-492-2237 on rates and prequalifying.


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********PLEASE NOTE: The supply of First Time Home Buyers EXCEEDS the Supply of Homes by a LOT!! Do you think you better get started on a plan? Call me or EMail me ASAP to get started on something - whether it is meeting to prequalify, take a homebuyer class, or get property listings by email....call dan 24:7 and leave a message.*************

Announcements
3/22/09- 3/28/09
*********

Have an opening for Mon Tue Wed and Thurs in April
Introductory 1- 2 hours Classes

...call 306-6632


First Time Home Buyer Classes
How to Get the $8000 Tax Credit:
How not to lose the $8000! An introduction to the
American Recovery and Reinvestment Act:

Introduction: Home Buying Process
Have Fun, save money, & buy the right home!

Financing Options: First Homebuyer
How to get $8000 in cash THIS YEAR
How NOT TO LOSE $16,000 NEXT YEAR!!!!!!!!


FIRST TIME HOMEBUYERS CLASSES. Learn the secrets of saving up $10,000 on any home. Find out how to locate your home before the sign is pounded in the ground! Get the key to instantly recognize an exceptional value! Discover how to buy a home without EVER overpaying. FIRST TIME HOMEBUYERS CLASSES. Learn how these key words can save you trouble and worry: Confidentiality, Loyalty, Disclosure, Due Diligence, Buyer Agency. Find out how to "get ahead" and stay ahead using real estate. Learn about the future explosion in interest rates before anyone else. FIRST TIME HOMEBUYERS CLASSES. Understand how "insider" knowledge and access can save thousands of Dollars. FIRST TIME HOMEBUYERS CLASSES. Can you understand how inexperience can cost you a small fortune? Is this the best time to buy a house in 80 years? Do you want to learn about how to take advantage of a motivated seller? Discover how to buy with nothing down and the seller pays all the closing costs? Buy all your appliances at builders cost - forever!! Will you recognize your opportunity when it arrives? FIRST TIME HOMEBUYERS CLASSES. Timing. Access. Knowledge. Gain an edge on other home buyers!
Special Promos For New Starter Home!


Eidco Homes with Promos
Receive $2288 for Closing Costs; Receive $700 toward Washer/Dryer
$500 Gift Card for eligible Property Call 701-306-6632 for details.

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HUD REPOSSESSION: Big Price reduction on 2/20 to $81,900
CASH BACK $1500 DOWN PAYMENT $100 !!!! - SEE Featured Listings Link Button
Bid Deadline - NONE/Subject to Immediate Sale/First Acceptable OFFER:
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