Warning to Kokomo Home Buyers
ByIf you are one of Kokomo’s first-time home buyers, this is for YOU!
A lot of first-time home buyers want to find a house and close by November 30 so they can take advantage of that 10% tax credit (up to $8,000). It really is a great opportunity!
But, Buyer Be Aware…
If you haven’t found a house yet, you’d better get going. If you don’t have an accepted offer on a house within the next couple of weeks, you may find yourself with a house but no tax credit.
Why, you ask?
- Because it generally takes from 30-45 days from the time you have an accepted offer to closing. And that’s if there are no problems! If there are problems, it can take anywhere from just a few days to resolve the issue to months!
- Keep in mind there are lots of first-time buyers, just like you, wanting to make that November 30th deadline. That means you are competing for the same loans, the same title companies, the same closing companies, etc. There just may not be enough of all these services to go around to meet that November 30th deadline for everyone.
Another warning, if you are under contact for a house…
You are excited about your first home and are anxious to buy new furniture, appliance, big screen TVs, etc. DON’T DO IT! Don’t even look until after the house is yours!
Lenders can and do recheck your credit as it gets closer to closing. They can even pull your credit the day of closing! If you’ve had inquiries on your report or increased your debt lenders may see red flags which can delay or even cancel funding your mortgage.
For more information see Dawn Wotapka’s article in the Wall Street Journal:
First-Time Home Buyers Eyeing Tax Credit Shouldn’t Splurge
So, all you first-time buyers, get out there and find that house and don’t even think of window shopping until after you have closed and have your keys in hand!
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