Think you still have lots of time to meet the December 1 deadline for the $8,000 tax credit? Think again. Industry experts warn against planning your purchase with an intended settlement date in November. Many lenders are also taking longer to process mortgage applications – 60 days being the norm in our current economic climate. If we count backwards using October 31 as a “more comfortable” settlement date, buyers should plan to have a house picked out and under contract no later than August 31 – meaning you have 2 months to search, find and negotiate the contract for your new home .
The pressures on lenders to process the expected “crush” of settlements at the last minute to get under the December 1 deadline, will only increase anxiety levels of buyers. If you intend to buy, plan carefully now and, if possible, schedule your settlement date to minimize the last minute stress.
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