Ypsilanti Homebuyers There are only 4 months left!!

I know that there has been a lot of talk about the Homebuyer tax credit. It's an incredible incentive to purchase. Though, for those that are waiting for prices to drop......let's just say you will miss out on the great deals that are already out there.

Now I've mentioned you have only 4 months to take advantage. Why? Ok well let's walk you through the process. First, you will have to shop for a mortgage...remember the minimum credit score for FHA is 620 and the minimum down payment is 3.5%. Second, let's look at what homes are available in your price range/ area or what you are approved for. Third, let's work with a Realtor who understands the current shift in our market here in Ypsilanti. By this time we've spent maybe two and halfs weeks or less getting to this point. Now consumers in the Ypsilanti area now that most of our homes on the market are either foreclosed or subject to a short sale. Now we must understand with the bank involve it takes more time than usual. This part of the process could take as little as weeks or as longs as a couple of months.

After that it's negotiations, who will take care of what? Is the bank? or is it you? will it be a third party? Will you have to come up with extra? Will the appraisal come back under or over the sales price? Once that is settle and you have clear title..so let's get to the closing table....now will all the funds be there? We hope so?

I say all that to say this....this is a great opportunity to purchase if you are able to. The process I just explain to you takes a while. You don't want to wait at the last minute and find you're not able to take advangtage of the tax credit. Remember the deadline is November 30th. It's almost August...so let's get going.