Here's an interesting perspective on the first time home buyer's credit by Todd /Clark from Beaverton, Oregon! Read and Enjoy
Are you buying because of the $8,000 credit? Looking at short sales, you need to give the bank a timeline and be prepared to walk if they can’t meet it. I tell every one of my buyers that are looking at short sales, that it may not be worth it and neither is the $8,000 tax credit. But, if you are looking at short sales, give the bank a firm timeline and be prepared to walk away if they aren’t willing to meet it.
You see, many buyers are willing to pay more for a home than it is worth just to get the $8,000 tax credit and I tell them that it might be better to wait until December to buy when fewer buyers are looking. But, if they are looking to buy now to get the tax credit, the deadline of November 30th is fast approaching.
What I’m doing with buyers right now is, I’m telling the banks that if they want this offer, they need to close by November 30th, and if they can’t do that, then our offer is lowered by the $8,000, and that my clients will lose by not closing by that November 30th deadline.
My hope is that by making the banks accountable, maybe, just maybe, we can get a few of these short sales off the market before winter hits when the market looks like it may take a slide backwards because of the loss of the tax credit.
What are you telling your clients that are counting on the $8,000 tax credit when all they can afford are short sale properties?
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
©2009 Todd Clark - Are you buying because of the $8,000 credit? Looking at short sales, you need to give the bank a timeline and be prepared to walk if they can’t meet it.