For the 7th month in a row, home sales and contracts have continued to rise. This rally is undoubtedly fueled by first time home buyers who are looking to complete their transactions by the tax credit deadline of November 30. (Although there has been some talk in congress regarding a tax credit extension that would include all home buyers, not just first time buyers)
The following video provides the answers to several questions asked by most first time home buyers
1) How does assuming debt through a mortgage help me, what are the financial benefits?
2) What is the difference between Pre-Qualification and Pre-Approval
3) What options do I have when planning for a down payment?
In addition to the rise in closed home sales, this CNN article states that pending home sales have also seen a significant increase. Though most pending contracts lead to a closed transaction, there are some instances when contracts can fall through. Some reasons for a failed real estate contract can include fraud, delays associated with short sales, and mortgage problems (This atricle from Realtor Magazine explains that nearly 1/3 of mortgage applications are being denied, a statistic up 29% from 2006).
[...] to the Expanded Home Buyer Tax Credit First time home buyers, I alluded to it before, but now it’s official: The tax credit has been extended AND expanded. This video, from [...]
By: Guide to the Expanded Home Buyer Tax Credit « Homes By Doyle: The Brentwood TN Insider on November 10, 2009
at 9:38 pm