(Closed) buying a house, was told would close soon & its not. kinda freaking out

posted 8 years ago in Home
Post # 3
Member
2083 posts
Buzzing bee
  • Wedding: May 2010

Honestly, I would start looking for other homes if you are trying to get the tax credit. Short sales take a ridiculously long time. We are closing next week on a house and our realtor advised us to steer clear of short sales if we’re trying to make the deadline, because they can take months and there is really no way to control it.

Post # 4
Member
4123 posts
Honey bee
  • Wedding: October 2010

If you want a tax credit, look at a traditional listing or foreclosure… NOT a short sale… and yes, I would keep looking. You need a ratified agreement by the end of next month.

Post # 5
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

With a short sale, the banks seem to drag their feet quite a bit.  I would start looking at other homes.  You really might not get a short sale to turn around in time for the tax credit.  Not sure if you understand it, but the bank has to agree to take less than the loan amount of the seller which is why those sales take time.

Post # 6
Member
3943 posts
Honey bee

Does your realtor know you are on a time crunch due to the tax credit?

Our realtor wouldn’t even let us look at short sales because we are hoping to get the credit and he’s had a client waiting to close on a short sale for over a year. If I was you, I would talk to your realtor (or find a new one) and start looking for a new home (not a short sale).

Post # 7
Member
3587 posts
Sugar bee

Yes, look at another if you want the tax credit. There are SO many people trying to go into short sale instead of foreclosure since it supposedly doesn’t hurt their credit as much, so there are TONS of short sales at the banks right now.

I’m waiting on a short sale answer,put in the offer in late Feb.It will be a while, and I’m pretty sure I won’t get the credit, but then I’m not too worried about it.

 Like the others said, not looking at short sales, and instead regular sales, will move it along quicker. My friend put in an offer on a brand new house and found out she had it 2 weeks later.

 

Post # 8
Member
4123 posts
Honey bee
  • Wedding: October 2010

Anything but a short sale should be able to get you the credit, as long as you have a ratified contract by the end of April. A foreclosure doesn’t take as long, and sometimes you can get an even better deal than if you were to buy a short sale.

We’re set to close on our “foreclosure” property April 5.

Post # 9
Member
1317 posts
Bumble bee
  • Wedding: October 2010

;( sorry to hear about the last minute changes! My suggestion would be to tell your realtor right away how you feel and the bind SHE put you in! Maybe things will work itself out, but in the meanwhile, looking for new homes will help with the anxiety.

Wishing you lots of luck!

Post # 10
Member
3762 posts
Honey bee
  • Wedding: May 2010

I have posted this over and over, but if you can, add a clause to your contract that says if you don’t close by the time the tax credit is expired (for any reason, yours or theirs) then they owe you that money.  All you care about is in the end getting the $8k so it doesn’t really matter if it comes from them or the government.  It actually may be better to try to get them to pay for it if they go past the deadline because you’ll get your money sooner

Post # 11
Member
4123 posts
Honey bee
  • Wedding: October 2010

The only problem with that is that it can take the 5 or so weeks left on the credit or much much longer to hear a word from the bank whether they accept it and go to contract or not…

This stage in the game it’s a good thing to do, but a short sale is a bad move if anyone wants the tax credit.

The topic ‘buying a house, was told would close soon & its not. kinda freaking out’ is closed to new replies.

Find Amazing Vendors