I know that there are still people sitting on the fence about whether or not now is the right time for them to buy a new home, but there is a bit of urgency attached to the process too. The First Time Home Buyer Tax Credit of up to $8,000 will go away on December 1, 2009 as currently authorized.

I know, November 30 is a huge 5 months away, but if you are a first time home buyer, you are not aware of the time lines associated with purchasing a new home. You don’t do it like buying a car, pick it out and arrange the financing the same day. Homes take a lot more looking and negotiating and then financing. And, if you are thinking about purchasing a short sale, you can extend that time frame by a factor of 2 or 3 or 4.

Just the financing end of it may take up to 45 or 60 days (although we normally close in under 30). Sometimes there are issues with credit that need to be resolved. Sometimes there are issues with the property that needs to be resolved. Sometimes, it just takes longer for no apparent good reason at all, but planning ahead is always better than cursing the fact you missed the window.

There is always the possibility that the tax credit will be extended, but do you want to bet $8,000 on that chance? Call me today and let’s get you pre-approved for the home loan so that you are ready when you find that home of your dreams. You can reach me at 541-32-7576/541-221-3455 Cell, e-mail at eugeneloanguy@gmail.com.

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