Marie Maida

A lot of people looking to buy their first home are excited about the $8000 Tax Credit and most know the deadline is November 30, 2009.

But most buyers I have talked to misunderstand the deadline and think they can make an offer for a home up to then. This leaves buyers thinking they have plenty of time to purchase a home, what they don't understand is that the loan has to close by November 30, 2009.

The problem is in order to close by the deadline, an offer must be made and accepted, which sometimes includes counter-offers and rejections or acceptance. It also includes inspections, repairs, re-inspections, and appraisals. The Title company must do title searches and the Loan company has to prepare documents. A lot of paperwork is involved by several different companies and everything must follow strict guidelines set out by governing bodies before a loan closes. A reasonably short time frame is 30 days, but if anything causes a stall in the process it may cause days, or weeks to be added to the amount of time needed for closing.

Of course a Realtor can't guarantee the Home Buyer's edibility, but to help insure a buyer meets the deadline, the Buyer should be under contract to purchase a home by Late September or Early October.

I am not trying to push buyers into doing anything they are not comfortable with, I am simply pointing out how the deadline works, so they don't miss out because of confusion.

Of course we all hope the government extends the credit, or replaces it with a new one, but with our government, there are no guarantees.

42 Kingsbridge Way

Little Rock, AR 72212

Open House

Sunday July 12, 2009

2:00 - 4:00

This Lovely Home features 2 Bedrooms and 2 1/2 Baths, New Windows, Paint and Crown Molding making it ready for you to adore.

Enjoy the privacy and tranquility available in this quiet condominium neighborhood sitting in the heart of West Little Rock providing convenient access to the area's many amenities, yet sits hidden amongst the trees providing perfect seclusion.

Play at the tennis courts, clubhouse, or pool while the yard maintenance is conducted by the association.

With all the news about the housing market, with foreclosures skyrocketing, short sales looming on the horizon and homeowners willing to sell at any price, it seems buyers have gotten the mistaken idea that any offer they put out there should and will be accepted.

Not all homes on the market are in distress. Sometimes the owner just wants to sell their home at a reasonable price to downsize, upgrade, move to a new location; maybe they have inherited the property or for some other reason, no longer need that particular piece of real estate. There are more reasons for selling a home than you can think of.

If the asking price is $250,000 and you make an offer of $100,000, it is a pretty safe bet the seller and the listing agent both are going to be insulted. They will remember your name and any offers you put in after that are going to be rejected no matter what the offering price is.

Earnest money shows you are committed to purchasing the home. So be reasonable when deciding the amount, after all $10, $25 or $100 is not very committed and again the seller may look at this as an insult and think if you can't afford a reasonable amount, how could you come up with the down payment or get financing.

When a property is listed as a short sale, the bank usually has it listed below value to begin with; making an offer for half of that price most likely won't be accepted. The same goes for a foreclosure property. The banks just aren't willing to lose that much money.

Asking for the seller to leave all the appliances, including washer, dryer, drapes, lawn equipment and pay all the closing costs, your moving expense and maybe throw in the car, is a little over board.

There are good deals in real estate, but put yourself in the sellers place when you decide to make and offer and see if you would be willing to consider it. If you would be insulted, so will the seller!