BEWARE: There is a combination that the first time home buyer needs to be aware of. That combination would look something like this ...
The main item of issue here is the short sale or foreclosure. The home buying transaction typically takes 30-60 days. However, when the bank that is holding the seller's mortgage needs to make a decision, on "who, where, when, why" regarding the sale of the home, a buyer can expect to add a few weeks ... or even a few months to the timeline. And that is no exaggeration.
In such situations you could have an attorney for the seller, a negotiator for the short sale, a PMI company evaluating their loss options, a seller that is going crazy and doesn't care anymore ... and the list goes on, with each party adding more time to the equation.
So first time home buyers be prepared. If the home that you are purchasing is a foreclosure or short sale, you may be getting an AWESOME deal on it. And well you can still get an awesome deal, just don't be heart broken or count on the first time home buyer tax credit.
If recieving the first time home buyer tax credit is going to make or break a transaction for you, think long and hard about how things could pan out.
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
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