First-time homebuyers that have been putting off purchasing a home until the last minute will really need to start moving at this point. Considering that they will need to close by Novermber 30th, and that most lenders need 21-45 days to properly underwrite a loan, and for the buyer to have at least 3-7 business days to negotiate an offer and go through the inspection process, this puts the final date you’ll want to submit an offer somewhere between October 12th-November 5th. After that, it will be a very tight squeeze. Also, many loans have been snagging at the last minute, and closings have to go a second round, potentially pushing back the closing date even further (which is why it is very important to work with a reputable lender…I’ve suggested this, ad-nauseum and ad-infinitum).
This means that if you should be targeting and seeing homes with your realtor now, as the final target date (best-case, last-minute scenario) is only about 70 days from now, if you would like the free, $8000.00 from the fed, just for buying a home. This would be a sad tax credit (actual cash in pocket, not a deduction) to miss out on, if you have been seriously thinking of purchasing a home.
How would you like 8 of these $1,000.00 notes?
2609 Emerson Avenue South, Minneapolis, offered for $450K: this new listing on the market is an excellent, classic home in Southwest Minneapolis, as the craftsmanship, woodwork and floorplan are all a fine example of the best of the Southwest Minneapolis/Lakes-area housing market. This home has 5-bedrooms, 2 baths, 2,712 fsf, and a new 2.5-stall garage. It offers 4 bedrooms on 1 level (2nd floor), as well as a full master-suite on the 3rd floor. The woodwork and built-ins are a must-see.