REAL ESTATE $8000 TAX CREDIT UPDATE FROM GATEWAY TITLE

$8,000 FIRST-TIME HOME BUYER TAX CREDIT UPDATE


YOU MUST CLOSE THE TRANSACTION BY NOV 30, 2009!

WOW!
This $8000 tax credit has brought a lot of activity to our local real estate market!

Nothing else in the recent past can compare with the number of calls, questions, as this.

Local REALTORS are busy writing offers and finding they are in competive bidding with offers. When was the last time that happened? This is good news for sellers who have to decide which offer to accept. The market has “bottomed out” for them.
A word of caution: It may not be smooth sailing bringing these to close by the November deadline.

Based on first hand experience as a title and escrow agent, I predict real estate closings the last week of November, 2009 could be a real mess. The main reason: The surge in mortgage applications overwhelming lenders. Lenders have reduced staff, increased paperwork required to sell the loan, dealing with changing government rules and just simply overload on all of the settlement services. Now, mix in with that, the days lenders, county recording offices and title companies are closed because of Thanksgiving ... Do you see what I see?
If you are one of the buyers or sellers who need to close by November 30th, don’t delay in completing required paper work, repairs, occupancy inspections and permits.
The real estate industry is lobbying to have this credit extended as of this writing we have heard nothing.

Let me know if you have a recent experience with a closing delay or problem I haven’t thought of.

I can be contacted at rachel@gatewaytitle.com or call 440 546 9660.
REMEMBER:

November 30,2009 is the deadline and then it is gone!