Hands On The Heartland
Checking The Pulse Of The Kansas City Real Estate Market
On one hand, I feel like I’m beating this $8,000 tax credit to death. But, on the other hand, I’ve never seen anything like this before. It can’t be overemphasized that all First Time Home Buyers, wishing to put a cool $8,000 back into their cash flow, need to prepare for their home purchase closing by dotting every I and crossing every T. If you snooze you lose when it comes to this tax credit and that means you’ve asked for it if you wait until the last minute to try and close on a home. I seriously expect that during the last week of November we’ll have more real estate closings than any other week in our country’s history. That will mean lenders and title companies will be operating on overload.
So it’s important that the lender, title company, real estate agents, buyers and sellers work together like never before. If you have a close date scheduled for 11/30/09, I suggest you move it up a week. Seriously. Make it happen at all costs. If your closing gets delayed for a day, at no fault of your own, you are out of luck. You will get nada of the $8,000 tax credit. Nothing, nil, zero, zilch, zipo, aught, double naught (to throw in an old Jethro reference), the big goose egg.
Real estate transactions were already taking much more scrutiny and planning by those involved than they did in previous years. But not being ready to close on time, when the $8000 tax credit is in the fold, will have serious consequences for First Time Home Buyers in Kansas City. I spoke with one of busiest closers at First American Title In Overland Park Kansas earlier this week and she said they have had more closings pushed back by days or weeks this year than ever before. I asked her if it was the new lending guidelines and she concurred but also added that there have been more last minute resolutions between buyers and sellers (interesting) and delays with appraisals (surprising).
Posted by Jason A. Brown
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