Still want your first home in Potomac or another Montgomery County city in time to take advantage of the $8,000 tax credit? Unless the credit is extended (cross your fingers!), deals must be closed by November 30, which means anything not in the works by October 15th may not make it. If you are at the point in buying your new home that you are just thinking about it and leisurely driving through Potomac or Gaithersburg or Rockville and assessing what you like, you are unlikely to meet this deadline. However, if you are really ready to go, there are a few things you can do to rush you home purchase through the system.
Here's a caution. Undoubtedly, you've heard a lot of press lately about how this is a great time to take the plunge: there's a tax credit available, interest rates are low, home prices are reasonable, it's buyer's market, etc, etc. If things line up in your finances and in your life at the moment and you are sitting on the fence, JUST DO IT, as the slogan goes. If this is not the time for you, WAIT. After all, we're not talking about buying a pair of shoes or mustering the courage to try parasailing; we're talking about taking on a commitment that will change the course of your life and consume it in the short run. If the mortgage crises of the past years have taught us anything, it should be that responsibility and common sense need to have a big role in any financial decision.
In the real estate world, it usually takes 30-45 days for a sale to close once the seller has accepted the offer - if all goes well. These days, it is common for the process to hit a snag at the lender's or with the appraisal. Some things are out of your control, but here's what you can do to increase the probability of speedier transaction:
Get pre-approved with a lender. Even if you don't have a home selected, pre-approval will establish how much house the lender thinks you can afford. If you set your sites on homes in the bank's price range - even if you think you could afford more - stick with that. If the bank thinks you can afford more than you think you can, follow your gut.
Make sure your money is readily available. If it is in a 401K, stocks, or another investment, it can take a few days to access. Once the seller has accepted your offer, and your loan is approved, put the money where you can write a check. Banks carefully examine money that suddenly appears in accounts, so make sure to keep all paperwork so that bank can track the money's origin. This is especially true if your parent or your rich uncle give you the money.
Buy a trouble-free property. Any property can have hidden title issues, but short sales, homes in probate, homes owned by people getting a bitter divorce, can add time and drama to your sale. Sale sales, in particular take months to close, so regardless of how attractive the price is, put your money down on a nice home owned by motivated sellers if you want a quick sale.
Watch your credit activity before the closing. Even after you are approved for a loan, banks monitor your credit report for change and increased credit use until the day you close. Though it is tempting to buy the new furniture and appliances so they can be in place before you move in, the purchase can throw off the debt-to-income ratio lenders use to determine whether to grant the loan. You obviously need to have a stove and refrigerator, but hold off on charging as much as possible until after you receive basic loan approval. After that, watch it until you close, as lenders can change terms or even rescind loans if your credit picture changes drastically before the closing day.
Don't forget the closing costs. Before you get your keys, you will have to pay various fees and perhaps points. The amount of these fees can vary dramatically from lender to lender, so make sure to shop smart before you apply. Get a good idea of the fees from the lender you select and your Realtor. You will need to have the closing costs available when you sign on the dotted line, so it is essential to plan ahead so you will have the money in hand. This may mean you will need to alter the amount to down payment you can give, which may affect the loan you apply for.
If you are ready to JUST DO IT, Courtney Griffiths can help you navigate the system for a quick purchase. She specializes in first time buyers, and works with area lenders who can offer you loan options. If you have questions about your ownership readiness, she can help you with that too.
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