I read an interesting article on El Sentinel-The Wall Street Journal –Spanish edition. It sets useful advice for those willing to close on the purchase of their home before June 30 and benefit from the Tax Credit or fiscal benefit.

In order to receive the credit of up to $8,000 for first time home buyers and $6,500 for previous homeowners, a purchase contract had to be executed before April 30. Buyers now have to close before June 30. Clock is ticking!

Next two weeks are crucial. Approval of financing is a CRITICAL EVENT. Decrease in interest rates in the last weeks has created a higher volume of credit applications. Banks are overload with work. Hopefully those loans for tax credit beneficiaries will have priority.

In order to close on time, here are some tips to follow.

Have everything under control: keep in permanent contact with your lender. Be aware of any documentation they will ask for and submit it quickly. Be on top of all the participants in the process (lawyers, agents). Hopefully you have on your side a knowledgeable real estate agent!

Be aware of the seller’s actions: sellers also have tasks to complete but not always have the financial motivation to do so. Make sure  seller understands your sense of urgency. Problems on the seller’s side could be title defects or certificate of occupancy. If seller is not able to move out by June 30, it is alright to have him/her to stay for a short period, but make sure you have a lease agreement in place.

Allow a margin of time: schedule the date of closing before June 30. Do not leave it for the day before, delays always take place. Try to target June 21 as the latest.

Good luck!