Why you shouldn't Procrastinate Home Buying if you want the Tax Credits

I know there are a lot of people out there, people like me, who tend to wait until the last minute to do things. There are probably a lot of people out there who are planning on buying a new home before the expiration of the home buying tax credit. You have plenty of time right, after all the house just has to close before July…..

The problem is that procrastinating real estate transactions is a little bit more dangerous. That is, if you want to make sure you get the $8,000 or $6,5000 tax credit. If you’ve never bought a house, or been through a real estate transaction, you may not understand quite how complicated the process can actually be. Even if you have purchased real estate before, your previous transactions may have gone perfectly. The truth is, it doesn’t always happen this way.  About 1 in 5 real estate contracts don’t go through.

Real Estate transactions often don’t close on time, some of the common reasons real estate transactions fall through include:

  • Buyers aren’t satisfied with the results of the home inspections.
  • Mold, Radon, Meth, or Lead based paint are found on the property.
  • The appraisal value comes in low.
  • Lenders require repairs are made to a property, that can’t be made in time.
  • Lender verifications take a long time.
  • Insurance companies won’t insure houses.
  • Flood insurance, or additional unknown fees arise.
  • Title Reports show unsatisfied Liens and Judgements.
  • Banks won’t approve short sales.
  • Buyers can’t actually get financing with a certain lender.
  • Homes for sale get foreclosed on.
  • Sellers just decide they don’t actually want to sell anymore.

Today is currently March 8th. The date that homes must be under contract to qualify for the tax credits is April 30th. this means that you have about 50 days in which to find a home for sale you like right?

Well, that is if you are sure there won’t be any problems or hold ups that occur in the real estate transaction.

To be on the safe side, I would recommend getting your home under contract by the end of March, and having the Due Diligence completed no later than the middle of April. This way, if problems arise with the house you still have time to find and put another property under contract before the deadline.

If you haven’t started yet, click the appropriate link below to start viewing Logan homes for sale now!

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