I wrote this article the other day and published it on my first time home buyers blog, and then decided to add it here. (Something I don’t normally do – I don’t like to duplicate content as it appears to be spammy. )
This is so important though that I broke one of my own rules. Many many potential home buyers in my area (Macomb County MI) are going to be more than a bit disappointed if they wait until October or so to begin to look for a home and expect it to close before the deadline for the first time home buyers tax credit.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
BUSINESS DAYS LEFT BEFORE THE EXPIRATION OF THE 1ST TIME HOME BUYERS TAX CREDIT - 96
| JULY -3 | AUGUST -20 | SEPTEMBER -21 | OCTOBER -22 | NOVEMBER-20 |
Here is a breakdown of how these business days will be spent during a typical home purchase transaction:
Viewing homes and finding the *one* – 15 to 30 business days.
Offer presentation and negotiation – 2 to 5 business days. (Note: Bank owned homes will take much longer.)
Home inspection process – 5 to 7 business days. (If all goes well you will not need added days for further negotations on repair issues)
Mortgage processing – 30 to 45 business days. (This will include appraisal, title work, attorney review, appraisal review, last minute documents for you to provide to your lender, etc.) I expect this time frame to increase as we get into the early fall.
Please remember: You must be the owner of your new first home by the end of November in order to take the 1st time home buyers tax credit. There has been much speculation about it being extended, but as of this writing it has not been extended.
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