What??? Say it isn't so, sadly it is...what does the title of this post mean??? I'll tell you...you see
in order to use the $8000 Stimulus Money to buy a home in Austin, TX or in any other real estate market in the nation for that matter, buyers must close on their home on or before Dec 1, 2009. Let's look at the time line:
1) Buyer gets pre-qualified today.it's Sept 2, 2009
2) Buyer looks for homes and finds one by Oct 2, 2009.
3) Home is inspected and repairs are negotiated...it's now Oct 12, 2009.
4) Lender orders appraisal (allow 14 days to receive)...it's now Oct 26, 2009.
5) Lender sends file to underwriter for final approval...it's now Oct 30, 2009
6) Lender receives final underwriting approval...it's now Nov 3, 2009
7) Lender requests final documents from attorney...it's now Nov 6, 2009
8) Lender sends documents to title company...it's Nov 9, 2009.
9) Escrow officer completes final documents for lender approval....it's now Nov 11, 2009.
10) Escrow officer and Realtor schedule closing...it's now Nov 13, 2009.
11) Loan funds and buyer takes possession...it's now Nov 15, 2009.
The above example of a real estate transaction timeline assumes that everything moves smoothly, but we all know that issues do arise in all financial transactions! Since Thanksgiving is the 4th Thursday of November and mortgage companies do not work on Sat or Sun, any buyer looking to take advantage of the $8000 First-time Home Buyer Stimulus money must act quickly.
I know the reason behind most people waiting is because they think that the government might extend the deadline or they're waiting to see if interest rates dip back below 5%. You don't have to believe me, but I understand that logic and at the same time I wonder...what happens if they don't extend the deadline??? If you're thinking of buying a home, YOU MUST ACT NOW!!! Because if you wait, you could miss the best real estate opportunity of a lifetime!!! It's the best deal I've ever seen, and I've been a full-time Realtor for the last 15 years.
Good Luck!!!
Socar Chatmon-Thomas
Austin, Tx Realtor
512-784-7150
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