- Sacramento Mortgage Update - Your Sacramento Mortgage and Real Estate Resource!

Do you realize that you have approximately 30 days to find a Sacramento home and get into contract so that you can benefit from the First Time Home Buyers tax credit?

Most escrows these days are taking between 30 - 45 days to process. Last year we could easily get a deal closed in 3 weeks start to finish. This year because of new disclosure rules and the lovely HVCC process, it has added several days to get a loan closed.

This deadline is a big one and many other Sacramento First Time Home Buyers will find themselves in the same race.

Do you realize you have a matter of days before you need to find a home to benefit from the BIG tax benefit?

That is right... I figure you have approximately 32 days from today to find a Sacramento home and get into contract! What!!! Yep... and that is the best case scenario since I am basing that number on a 30 day escrow!

This will be a challenge... not impossible... but defiantly a challenge.

Here are some tips to make sure you can find a home in time:

1. Get pre-APPROVED! 
It will be important to have all your ducks in a row before you go out and look at homes. You want your mortgage professional to scour through your tax returns, bank statements, retirement accounts, credit report, and employment history to make sure your qualify. You want to know exactly how much you qualify for and find out is there are any red flags that need to be addressed! If you spend 10 of your 32 days looking at a home you can't qualify for... that will get you nowhere fast!

2. Work with an Real Estate agent who knows the market!
You want to work with someone who gets deals closed. Working with an inexperienced agent can take extra time you don't have. I don't want that to sound harsh, but it is true. I see it happen every day. I have got agents calling me to help them negotiate the deal, ask me how fill out a contract, and some who screw up the deal once we are in contract because they don't know what they are doing! You want to work with someone who closes a lot of deals in your area because they will have the contacts and the systems to get you into a home quickly.

3. Have your Sacramento Real Estate Agent put you on an email list that will notify you as new homes come on the market in your target area.
Take these emails seriously! You should open these emails every morning when they arrive and make yourself available at the drop of a dime to view homes that interest you.

4. Get the home under contract quickly (that is Investor talk for getting an accepted offer).
The inventory of homes in the Sacramento area has decreased over the past couple of months. This means there are not an unlimited amount of Sacramento homes for you to choose from. Think about it...this means that every other First Time Home Buyer and Investor in our area is bidding on the same limited amount homes. This is not a deal breaker, but it may mean that you don't get the first home you put an offer on. In fact, I would plan on that!

5. The minute your offer is accepted... tell your mortgage professional!
Why?... Because we need to go back through your file and request updated information from you. Usually this will consist of updated pay stubs and bank statements. Before your file is submitted we need to collect the items from you, get the executed contract (signed by both the Seller and you the Buyer), and order a preliminary title report.

The biggest thing you should keep in mind is every day counts when you are dealing with such a short deadline! If you are short by one day and do not get your escrow closed by November 30th... Your $8,000 is gone.

IT IS NOT TOO LATE! But you need to act quick!

Join our VIP Home Buyers Program! 

We will help develop a plan to get you into a home and reach the finish line on time! Our program will match you with a Top Real Estate Agent in our area who has a great track record for getting homes sold.

We don't just write you a pre-approval letter and send you on your way. This will be a team effort to make sure your family gets into a home in time. In fact, we have talked our VIP many times into a deal where there were multiple offers on a property. Now I can't promise that we can do that in every case, but I can tell you we will go the extra mile for you from start to finish.

Don't waste another minute ... Call Todd at (916) 687-6868 ext.1 to schedule an appointment to come in to our office and get started!

This blog by:

Team Newington
Sacramento Mortgage Planners
First Priority Financial
(916) 687-6868

	Subscribe to our Blog Feed! >>
	Follow us on Twitter.com! >>
	Visit Our Website! >>