I failed to mention, in my earlier post, that if you are a first time buyer and wanting to take advantage of the $8000 tax credit – you may want to avoid offering on a property in a short sale status. We find that most short sales, if approved, take a couple of months. While some are quicker to get approved the majority take longer and sometimes do not get approved.
As most of you are aware – a short sale is a situation where the lender (or lien holder) is asked to take less than they are owed. Quite often more than one mortgage is in place and an approval needs to be obtained from all. This generally takes longer than if just one lender is involved. Occasionally we see the first mortgage willing to participate in the short sale while the second is not. Unfortunately, at times, we don’t discover this unwillingness for several weeks.
Given that a transaction needs to close by November 30, 2009 it is my recommendation that short sales possibly be avoided in order to meet this deadline. With a short sale there is no guarantee in regard to timing. Take this into consideration when finding the perfect home for you and obtaining the tax credit.
Avg. Sales Price: 379,000
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