Buyers in Montgomery county right now are waiting longer than surrounding counties for sheriffs deeds to be recorded due to the large number of homes being foreclosed on in the area. I have one listing that has been under contract for months waiting for the deed, and I am told they are currently about 11 weeks behind on recording deeds on foreclosed properties.
Here are some other things to be aware of if you are a foreclosure buyer in Dayton right now...
1. Many banks are listing homes before the deeds have been recorded (I have had several listings like that lately). This means even if you are a cash buyer you will have to wait to close.
2. The county will not put the deed in the line to be recorded (understandably) until all fees and taxes have been paid up by the seller (bank that owns the property). On the flip side, most lenders will not pay up until a home is under contract so as not to tie up their funds any longer than necessary. This is prolonging the waits.
3. If you are locking your rate, you may hit an expiration to that lock before you have a deed and can close.
4. If you are applying for a loan, keep all updated info handy because if your deed takes two plus months to be recorded, your lender will likely have to update your info so you can close.
I am not posting this to discourage foreclosure purchases, just to make buyers aware of the situation so they can prepare.
Butler county is not as far behind, I just had one record within about a week of the final payments being made and another within two weeks, but they are a smaller county with less deeds to process.
Some notes from Shawn Bowling at Garden Mortgage (http://www.shawnbowling.com) on the tax credit extension...
As you may already know, the Federal homebuyer tax credit has been extended! Yeeha! Below is the lowdown on the credit:
*Runs from December 1st 2009 through April 30th--(A buyer must be IN CONTRACT by 4-30-09 and will have til July 1, 2010 to close)
*If you have not owned a home in the past 3 years, you're a 1st time homebuyer
*If a buyer has lived in the SAME property for the past 5 years and wish to upgrade, they will qualify for a $6500 tax credit!
*Income limits have been raised--$125,000 for single buyers and $225,000 for married couples
*Purchaser must attach documentation of purchase to the tax return
Celesa,
Congrats on your new home- I am so happy for you! I have enjoyed our search for homes together and getting to meet you and your family. You are a great group and I know you will create lots of wonderful memories in your new place. I will never forget the snake on the porch LOL what a day that was! You have worked so hard and I want you to know how appreciated your efforts are and I don't know anyone who deserves a great ending for a home search more! Looking forward to seeing you again soon.
Thanks again,
Maria

Congrats on your new home Yvonne! I am so glad I got to meet you and I wish you the best here. I hope you and your family make some great memories in your new home. I am so happy for you!
Also, Billy Ray Puckett you are a great guy and I hope to work with you again in the future! Thanks for being such an on-the-ball listing agent to work with.

Thanks Jim and Cindy I hope you love your new home. You worked really hard and stayed calm and cool until the end, even remembering your middle initial ;-)
James, as always, my favorite co-realtor and friend, thank you too.
Erica Howard you are the bomb!
Thanks everyone and keep in touch!,
Maria
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