The Federal Tax Credit: Getting into escrow might have been the easy part!

By
Real Estate Agent with HomeSmart Realty West CalBRE #01458572

Contact Jim Frimmer for all your San Diego real estate needsThere are two parts to the Federal Tax Credit for home buyers.

The first required a home to be in escrow by April 30, 2010. That might turn out to be the easy part.

The second is that the purchase has to close escrow by the end of the day on June 30, 2010. That might be the most difficult part, even if you do have 60 days.

If you haven't submitted your application to your favorite lender yet, you might run out of time to close escrow by June 30.

Many, if not all lenders, require all sorts of documentation now. The no-doc "liar's loans" are a thing of the past right now. You'll need proof of everything:

  1. income
  2. assets
  3. tax returns
  4. reserves
  5. source of down payment
  6. and more!

Welcome to Mission Valley!If you're buying a Mission Valley condominium, the condominium has to qualify under the new, and tougher, Fannie Mae and Freddie Mac regulations. If it doesn't, the time to get and review the condominium association's CC&Rs, finances, unpaid dues because of foreclosures, tenant percentage, etc., could take you well past the June 30 deadline.

Appraisals seem to be hit or miss. It's hard to say anything other than "Good luck with your appraisal" here.

If you are in escrow, be sure that your Realtor is fighting for you every step of the way. Lack of communication between any or all of the parties could be disastrous for you if you're expecting up to $8,000 for buying your new home.

♫♪♫♫♪♫

If you're looking for a great San Diego Realtor, well,
let me Google one for you.

I'm available 24/7, so feel free to contact me by phone or email.

Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information

♪♫♫♫♪

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Topic:
ActiveRain Community
Groups:
Advice for Buyers
BananaTude
Cosmic Cow Pie...The Rome Way
Realtors®
Southern California Real Estate Forum
Tags:
federal tax credit

Comments 6 New Comment

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Rainmaker
999,231
Joan Whitebook
Consumer Focused Real Estate Services
BHG The Masiello Group

Jim -- I hope things go smoothly, but we do live in a very different world today.  I wish everyone a lot of good luck.

May 09, 2010 10:28 PM
Rainmaker
249,535
Robin Rogers
ABR, CRS - Real Estate Broker & Investment Adviser
Robin Rogers, Silverbridge Realty, San Antonio, Texas

Yes, appraisals are indeed problematic these days. With so many changes in the industry and the market, waiting for the appraisal to come back is nerve wracking.

Cheers,

Robin

May 10, 2010 09:00 AM
Rainmaker
281,654
Carra Riley
CRB, CRS, GRI
Author, Speaker, Consultant, Carra Riley Inc.

Jim...Constant follow-up and monitoring is a must to shepherd these deals through before the deadline!f  Good luck to everyone with one in process.

cosmic cow

May 10, 2010 12:18 PM
Rainmaker
231,945
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co.

Hi Jim-

We are working really hard to keep our closings moving forward.  We certainly can't count on the loan process going smoothly as much as we used to - even with well-qualified and documented buyers-

Best wishes for all of your closings this year and especially those that need to meet their deadlines!

Sara

May 11, 2010 12:46 AM
Rainmaker
1,084,017
Jim Frimmer
Realtor & CDPE, Mission Valley specialist
HomeSmart Realty West

Hey, Everyone - Thanks for stopping by and taking the time to comment.

I'm trying to catch up on all my blog posts since I've been neglecting the, for good cause, though, since I've been busy.

Since this post is quite old, I won't respond to each and every comment. Rather, I'll read through all the comments and respond to any that have questions or otherwise need a response.

I'll also be by your blog soon to return the favor by reading your posts and leaving comments, too. Do unto others as they have already done unto you. lol

Again, thanks for stopping by and taking the time to comment. Make it a great day, a great week, a great month, and finish out 2010 on a natural high!

June 08, 2010 10:46 PM
Anonymous
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Rainmaker
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Jim Frimmer

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