Congress Passes Tax Credit Closing Date
The Senate approaved the Homebuyer Assistance and Improvement Act (H.R. 5623) giving home buyers who were under contract on a home purchased by April 30th until September 30th to close and claim the tax credit. Without this extension approximately 180,000 homebuyers who had signed purchase agreements would have missed the deadline.
Read more from this Article »Patience is a Virtue
For those who wanted to take advantage of the tax credit but missed the opportunity, it may have paid to wait. Reports have shown that with fewer buyers since the expiration, sellers have had to lower their prices to entice them. Although it depends on your price point, some of the decreases in the sales [...]
Read more from this Article »Mortgage Rates Expected to Rise in Early 2010
If you want a higher interest mortgage rate, keep waiting!
Read more from this Article »Buyers, Don’t Shoot the Sheriff!
Banks often buy their own properties at Sheriffs’ auctions and immediately begin to market these properties for sale. Buyers of these foreclosed properties are hanging in limbo waiting for deeds to be processed by the Sheriff. Some of these buyers still have hopes of closing before December 1st, the current deadline for the $8000 tax credit. Will they close?
Read more from this Article »Cash for Closing
Any money that a buyer is required to bring to closing should be in the form of a cashiers check or money order if over a $1000. Anything under a $1000 can be in the form of a personal check. The check should always be made payable to the Title Company that is facilitating the transaction. [...]
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