Buyer Frustration Reigns – Part 1

First time home buyers in the Northern Virginia area are finding themselves among scores of other frustrated and increasingly disinterested would be purchasers these days. With the $8, health 000 tax credit deadline looming hundreds of well intentioned and capable individuals in our area will be left out. With multiple contracts on most everything (under $500k), ed investors with cash offers seemingly everywhere, treat and a limited inventory, any buyer hoping for the tax credit at this point is also banking on an extension of the plan in order to qualify.

The other crowd who, without an extension, will need to come to grips with disappointment are those who have an offer on a Short Sale listing where a response from the bank has not been received. If they do not have a response by Friday they have little chance of actually closing by the 30th of November, and thus will not qualify for the credit.

If you are a buyer in this position, you are far from alone. If you are an FHA borrower, you are VERY far from alone.

Related Posts: