Time is running out for South Charlotte real estate first time home buyers to take advantage of the $8,000 home buyer tax credit. Congress has not expressed whether or not they will extend the credit so you should plan, as of now, that your deadline is November 30 to close on your home.  Also, keep in mind you need to allow at least 45 days from acceptance of contract to close.

1. Use a direct mortgage lender

Buyers have an option of utilizing a mortgage banker or a mortgage broker to obtain their mortgage.  It is absolutely critical that you close on or before November 30 a direct mortgage lender (mortgage banker) will have more control and should ensure that it closes on time as opposed to a broker.

2. Stay away from certain houses!

At this late date, first time South Charlotte real estate home buyers should stay away from pre-foreclosures (also known as short sale properties) and to-be-built new construction homes.  Rarely does the pre-foreclosure process take less than 45 days for a response from the bank. 

3. Get the lender what they need ASAP

You want to head off any unforeseen issues ahead of time with your mortgage so once you have decided which lender you are going to work with, ask them for what documentation they require to approve your loan and send it to them right away. 

4. Lock in your rate

New disclosure laws are in effect and could delay your closing!

5. Do all inspections right away

Schedule and perform all home inspections within 3 days of contract acceptance. By performing your inspections soon after contract, the buyer knows the type of property they are buying and if they wish to proceed. Sellers are sometimes reluctant to fix needed repairs. Today, many sellers are just happy to have a buyer and will fix most reasonable repair items with little hassle.  However, by doing the inspections quickly, you will know if you’re dealing with a seller who may be unreasonable.

6. Don’t wait until November 30 to close!

November is a short month due to Thanksgiving. Once the third week in November rolls around its time to close. Get to closing before all the family soiree’s and parties start. You never know if you may need a few extra days to see you through!

Visit my website South Charlotte Real Estate today for further information!