Do You Think it's Time to Buy Yet?

So, you're waiting for the deal. Have you found it yet? Because guess what? The time to buy is now and I mean today(or within the next 2 weeks). If you do, you get "the deal"! Mortgage rates have fallen below 5% and if you qualify and you combine it with the up to $8,000 First Time Homebuyer's Tax Credit, you have found "THE DEAL". Mortgage rates are unpredictable and the First Time Homebuyer's Tax Credit will expire on Nov. 30th (see blog posting below). Since most "normal" escrows are taking between 30 - 45 days to close (more likely 45 days). Short Sales take much longer. You basically have about 2 more weeks to find your dream home, put an offer in and close escrow in time for the Nov. 30th deadline. Good luck and happy house hunting!

Borrowers rush in as mortgage rates slip below 5% -- latimes.com

Borrowers rush in as mortgage rates slip below 5% -- latimes.com

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You Have Until November 24th?????

So, you are excited about buying your first home and taking advantage of the First Time Home Buyer's Tax Credit, but time is running out. In the old days, most closings took about 30 days. Now, most closings take around 45 days for a regular sale and if it's a short sale they could take months and months and months!



The credit expires on December 1st, so you have until midnight on November 30th to close on your home. But really, November 24th. Let me explain.:



* November 25th is the day before Thanksgiving and everyone knows that people like to have a half day.



*November 26th is Thanksgiving.



*November 27th is the day after Thanksgiving and an unofficial holiday for most.



*November 28th and 29th is Thanksgiving weekend.



*November 30th is the Monday after Thanksgiving another unofficial holiday for most, but definately not for anyone who works at an escrow office.