News Flash!! Are you still waiting/hoping/sleeping about buying a home and getting that $8,000 tax credit in your pocket? Time is running out. In order to get that chunk of dough, your mortgage loan must close by December 1, 2009. No ifs, ands or buts.
It’s not a good idea to rely heavily on any prospective closing dates that are at/near December 1. After all, things can and do go wrong. Simple things can cause a delay – such as:
- The seller of the home you are buying cannot close because their financing was delayed for the new home they are buying
- Your inspection did not go well and repair work must be done to the property.
- All required documentation did not get back to the underwriter on time.
- Some information on the buyer’s loan application changes and requires additional verification or approval.
Etc., etc.
If your closing date is set for any time after November 23, you should take the initiative to stay on top of your loan closing. Contact your Loan Consultant and Realtor every day. Be absolutely certain you have done EVERYTHING required of you and that everybody has has done the same thing. Ask for updates via email so you are certain what is needed and how you are progressing. $8,000 is a lot of cash to lose because you were 5 days late.
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