45 Days Left to Use $8000 Stimulus Money

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

What Has Technology Done For Me LATELY???

Well...yesterday my life was put on hold for about an hour when I could not use my gmail account!!! It made me realize how much we take for granted in this new Web 2.0 frontier.

For instance, I have friends/clients JJ and Jenn who just moved to Austin, TX from California about 10 days ago. We talked on the phone (cell phone), they viewed homes via the internet (virtual tours), I previewed homes and sent pictures to them in email (internet) and they chose the home of their dreams. Once they decided on a home, we needed to write a contract, I sent them the contracts via email using a company at http://www.docusign.com/ (internet). They signed the documents using docusign.com and they were returned to me via email (internet), and finally all documents were sent to them for closing signatures via email (internet)...sooooooooo when I ask myself, "What has technology done for me lately???" The true answer is, it has made my life much easier and has allowed me to help lots of people buy and sell real estate using the tools available to me thru great companies like http://www.docusign.com/.

Thanks DOCUSIGN!!!

Socar

Finally, A Stimulating Stimulus Package!!!

Well...well..well, we finally received the details of Obama's "Stimulus Package". I must admit that I really didn't think it would make much of a difference in the real estate market, but I was wrong. If this week's listing activity is any indication of what's to come, then this package should be named the "Stimulating Stimulus Package". Below are a few reasons why the Austin real estate market and probably the national market has begun to shift:

1. It's a buyer's market in most real estate markets around the country, including Austin, Tx.


2. Interest rates are at an all time low, still well below 6%.


3. The Presidential election is over and we finally know who all the players are.


4. Builders are offering incredible incentives upwards of 10% discounts.


5. And finally buyers will receive up to $8000 in tax credits by purchasing homes by 12/31/2009.

The above items when considered alone are okay, but when all of these conditions exist at the same time, it becomes the "perfect buying season". Now is an incredible time to buy homes in Austin, TX. Whether you're buying a home as your primary residence or purchasing an investment property, I'd advise everyone to take advantage of this "perfect buying season"!

Always remember, real estate is local and time is of the essence! We have NO IDEA how long this market will remain so favorable. Happy house hunting!!!

Socar Chatmon-Thomas (512) 784-7150