Archive for the 'Buyer Tips' Category

Montgomery Area 1st Time Homebuyers: Act Now For $8K

October 6th, 2009 categories: Buyer Tips, Montgomery

need to act nowI know that the headline sounds like typical Realtor “buy now” squawking, but the truth is, if you are a first time buyer in the Montgomery area, you had better make your decision, get under contract, and get closed before November 30.

So you have a lot of time, right?  NO.

Please realize that the time between agreeing to a price and terms and then actually closing the sale can be 4 weeks at least.  Most of the time with first time home buyers, it takes more like 6.

Why does it take so long to close?

list for buyersLet’s say you find a home in Montgomery today and make an offer.  If the sellers counter-offer, it may take a day or two of going back and forth to get a signed contract.

Once you have a signed contract, there’s lots more work until you can close and officially own the home.  You have to finalize your financing and get the lender’s approval of the contract.  The bank will order an appraisal. That will take a week or so.  Depending on your situation, you may be getting a home inspection, survey, or any number of things like this.

Then you have to find a closing agent and book a time to close.  Trust me –  they will be busy from now until November 30.

save 8KIn summary, the time it takes from “We’ve got a deal!” to “Here are your keys” can be weeks. Start now if you want the $8K to close before November 30, 2009.

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