Bend, Oregon First Time Home Buyers Tax Credit Time Line

Bend, Oregon First time Home Buyers Tax Credit Time Line

I don’t know about you but the last thing I’m thinking about on this beautiful 90^o day in Bend, Oregon is my taxes. However, if you are planning on buying your first home and taking advantage of the $8,000 tax credit it’s not only time to start thinking – it’s time to start planning – it’s time to start looking for your new home. The deadline for closing your new home is quickly approaching.

Working Backwards, here’s a plan to get you started:

Deadline: December 1^st = Loan Closed on Your First Home

Most banks can typically close a loan in 30 days, however, we expect there to be an influx of loan applications as we near our deadline. Also, let’s not forget what occurs the week before December 1^st, a national Holiday….Thanksgiving, of course. Purchasing a house is stressful, the holiday season is stressful not to mention a popular vacation time. In the allotted 30+ days you loan will be processed, underwritten, sent to escrow and approved. Appraisals and Inspections will be ordered, written and delivered. Finally, your loan will be recorded and the keys will be yours…….a lot to be done in 30 days.

Deadline: October 16^th = Signed Sales Agreement in Lenders Hand

So, let us add two weeks to the 30 days - one for the holiday and one as a buffer to reduce the stress of calling your loan officer November 29^th wondering if you’ll squeak by in time. Take it from us second time home buyers you don’t want to miss out on an $8,000 tax credit. Looking at a calendar we are approximately at October 16^th = 30days to close + 7 days holiday buffer + 7 days stress buffer.

Deadline: October 1^st = Make an Offer on a Bank Owned or Traditional Sale

Yes it’s possible to make an offer get an acceptance and move on in a matter of days. For this timeline, we are budgeting 2 weeks. Let’s be practical, buyers are making low offers and sellers have hopes of high dollars. Most offers are being negotiated with counteroffers back and forth before a final sales price is settled on. On occasion, the buyer and seller cannot come to agreement and you’re back to square one….looking for a house. And, when a really great deal comes along, you may not be the only making on offer on the house and may stand the chance of not having your offer accepted. Yes, this still happens, it happened to me on 3 offers this year!

Deadline: September 1^st = Make an offer on an Oregon Short Sale

In addition to the negotiating mentioned above, a short sale must be accepted by both the owners and their lender. This is a tough one to estimate; I’ve seen short sales close as fast as traditional sales and those that take months. While looking at homes for a client this morning, I saw a new listing stating there will be a 30-90 day wait period before the bank to responds to an offer. That means up to 3 months to receive an acceptance or a counter offer or a rejection. Ninety days is already Dec 1^st. So if you plan to put in an offer on a short sale, make it happen before September 1^st.

Deadline: August 1^st = Start looking at Houses to Buy in Oregon

If you believe in love at first sight you’ll be in your new home in no time. If you want to weigh all your options, check and double check that you’re making the right decision before putting in your offer you have one month to do so. Remember time flies. In the beginning of this month you will also, want to choose a realtor, choose a lender and get prequalified.

Deadline: July 16 – Today – Finish Reading this Post and Email your Realtor

If you are reading this then you must be thinking about buying a home. Buying your first home should be a fun and memorable experience not a rush to meet deadlines. Send me an email kadams@fredrealestate.com with your dream home requirements and you’ll immediately have a customized report emailed directly to you.