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Tick tock, tick tock, tick tock…. Time is running out. If you count the days left until the federal government’s tax credit is scheduled to expire on November 30th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to close by the aforementioned date (which is a requirement of the program) might want to take a long look at the calendar.
There may not be a worse day to close on a house in greater Kansas City or anywhere else in these United States. Consider this: Everybody and their dog so to speak will aim to close on November 30th. November 30th is the Monday after Thanksgiving; November 28th and 29th are weekend days (probably no closings); November 27th is the Friday after Thanksgiving an unofficial holiday for many.
Monday, November 23rd or Tuesday, November 24th are more practical dates, however if something goes wrong which often happens, one might have a heck of a time rescheduling by November 30th. Its my opinion the best time to schedule closing if it is not already scheduled is the week of November 16th.
It is not unusual for loans to require 45-60 days of processing time. A 30 day closing is considered quick. So worse case let us say your loan process will take 60 days. If you want to close by November 16th, you need to have an approved, fully ratified contract by no later than September 16th or a little over two weeks from today.
Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit http://www.kansascityerealestate.com/