Watch out kids it’s going to be a crazy ride if you’re looking to close on a home before the end of the year. Mortgage brokers, appraisers, listing agents and buyer’s agents are in a frenzy trying to scramble to get homes sold before the end of 2010.
Partly because there’s a Fannie Mae $3,500 credit towards closing costs for buyers who purchase these foreclosures before the end of the year.
Qualifying for the Homestead Exemption is also a big part in buying before the end of the year. An owner must be living in the home the year prior to qualify for the 50K tax exemption.
Needless to say this is making things a little bit more challenging.
Some Tips for a Quick Closing
Insure a smooth closing by being patient and not too emotional. Work with your lender diligently. Get them all documents they need a.s.a.p. This will be your biggest challenge for getting mortgage approval.
Another challenge is getting the title company to respond quickly, especially when you are purchasing a bank-owned house. The title companies the banks use are extremely busy and backed up.
Your Realtor can also help facilitate the transaction by providing you with resources for insurance companies, home inspectors and communicating with the parties involved.
