Thanksgiving Leftovers for Denver Realtors?
November will be Stressful for Denver First Time Home Buyers
Many Denver Area Homes went under contract during the past month and they all want to close by the end of November to qualify for the First Time Homebuyer $8,000 tax credit. Now the pressure of getting the properties to close is on the Realtor, mortgage lenders, title companies and buyers. Add to the stress the fact that we lose two days at the end of the month for Thanksgiving and Black Friday.
Don’t Wait Until Thanksgiving
Only a turkey would delay in getting on top of the details. You may have 10 days to get your home inspection completed. Order it done asap and get past this hurdle first. That way the lender can order the home appraisal. The appraisers are going to be swamped this month. Watch those dates and deadlines on your real estate contract and get the items done well before the deadline.
Get Your Mortgage Broker What They ask for Right Away
Many closings that get delayed are blamed on banks and underwriters. While from time to time these human beings do mess up real estate deals in Denver, often the borrowers did not get them the information that was needed to complete the loan. So many times borrowers give their broker only part of what is asked for. This November you do not have the luxury of doing things half baked. If you are asked for your last two pay stubs, you need to get them exactly those items on the day they ask for them. Remember that you are the one getting $8,000 for closing in November.
There will be leftovers in December.
Will we see a bunch of Denver homes back on the market December 1st? Will the buyers back out because they aren’t getting the $8,000 credit? Maybe the government will step in and extend and expand the program. I think that most people will still close on the home they are buying even if they miss the end of November deadline. The tax incentive is only one of many reasons why now is a great time to buy a home. People need a place to live and low prices and interest rates are good enough reasons for most people to buy.
Pass the potatoes!
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