Monday, April 5, 2010

Deadline Looms...

As the end of April approaches, buyers start coming out of the woodwork like termites! Ahh, how we love to procrastinate! But there is hope - if you have not found the home of your dream and you would like to get that First Time Home Buyer Tax Credit, there is still time - but you had better hurry.

  To be eligible, you must have a property for sale in Cincinnati under contract by April 30, 2010 - then close it prior to June 30, 2010. This means you should be making your short list of properties and putting them in order. I have highlighted some process steps for you below:

  1. Create a "Short List" of your favorite properties, Share this list with your agent. Much early prep can be done which can save you time later.
  2. Tour the properties and highlight each individual property with a "Pros & Cons" list.
  3. Eliminate properties that you no longer have interest in. The goal here is to get it down to 2, maybe 3 a the most.
  4. Decide on your favorite and submit your offer. Make it a decent market offer - you do not have the luxury of drawing this out. and remember, there are other buyers out there looking at the same house - you don't want to risk losing your first choice in Multiple Offers.
  5. Schedule your Whole House Inspection, immediately - do not wait. If you should find some hidden issues that are unaccaptable you want to move on to the next property, for both you and the sellers. (We'll talk more in another post about what is acceptable and what is not in an inspection).
  6. Stay focused, and task oriented. And stay in contact with your lender and your agent. This is no time to drag your feet on getting any documents filled out.
  7. Make a beeline for the closing table.

There are a significant number of moving parts to a home purchase, plan accordingly and stay focused on the prize - You, in your Own Home! You can do this...but you had better hurry!

Chris Wood
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