If you are a resident of Arizona and you have been thinking about taking advantage of the $8000 first-time home buyer tax credit, you are quickly running out of time. The purchase must be completed by November 30, 2009 in order to qualify for the tax credit. However, several things make this date a lot closer than you think.
The first thing to keep in mind is home values are at an extremely low rate. While this is good if you are hoping to purchase a home at a low rate, it also means that the volume of homes for sale is extremely high. The Phoenix area in particular has, over the past few months, become a hotbed of record high volume of home sales. This means that these homes may have multiple offers from consumers trying to take advantage of the low prices. This creates a few problems for potential home buyers.
Many of the properties for sale are either short sales or bank-owned foreclosures. In this case, banks may be slow to respond to offers, holding out for the highest offer.
A short sale requires a lengthier closing period due to the fact that all the lien holders will need to sign off on the offer; this may take up to 60 days or more.
The mortgage lending industry has such a large volume of business that the system is clogged up. Banks are at capacity as a large volume of business comes their way. It will only get worse as a large number of people rush to get their purchase in under the qualification deadline.
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