Time's A Wastin for $8000 Home Buyer Credit - Hesperia, CA

Time is drawing near for the deadline to receive the $8,000 first time home buyer credit from the IRS. Don't miss your chance. This credit can be used to make those needed repairs on your first home or just to put your down payment money back into savings and hold tight. December 1st is the deadline to receive this credit.

The problem I'm seeing here in the High Desert area of California is that the pickins are getting slimmer. Homes are coming on the market at a much slower pace than before due to the moritium on foreclosures and the lenders holding on, waiting for values to increase. My clients have run into the problem lately of submitting an offer and learning that they are competing with 4-10 other offers on the same property. And it's hard to get your offer accepted when you have an FHA loan and 2 other buyers have cash. It's disheartening to my clients, but I encourage them not to give up. More foreclosures are coming in the future. At least that's the rumor. Tips that I give my clients are:

1. Offer more than the list price, but have your agent run a CMA and make sure it will appraise for that amount.

2. Don't ask the seller to pay more than 1/2 of your closing costs, if any.

3. Increase your good faith deposit amount.

4. Have a solid pre-approval letter w/ficos attached to your offer.

Purchasing real estate is a big venture. Be wise in your selection and do your research. Choose a home that's not going to drain your pocketbook. Make sure you can afford the payment and trust that you will find the right home for you.

Happy Home Hunting!