Vancouver Wa Real Estate - Elite Realty NW

First Time Home Buyers - Time Is Running Out!

The December 1st deadline is quickly approaching for the $8000 First Time Home Buyer Tax Credit, and our phones have been flooded with calls from buyers wanting information. As I talk to them and set up appointments, I know in my heart that a certain number of them might not be able to take advantage of the tax credit. While there is still time to get a real estate deal through the system and close in plenty of time, there are obstacles that could slow things down. Let's look at a timeline:

For this example we will assume that the goal is to qualify for the First Time Home Buyers Tax Credit and close on December 1, 2009. I wouldn't advise cutting it this close!

It generally takes 30 to 45 days from the time an offer gets signed around (total agreement by both buyer and seller) to close. Title and escrow have to do their jobs and the mortgage company needs time to get funding in place.

Need to have a signed around contract on or before October 16.

Lately, purchase and sales agreements in Vancouver Washington have been averaging 5 to 7 days to agree on price and terms.

Need to have an offer written on or before October 9.

Our recent buyers have been spending 3 to 4 weeks looking for their new home. Many quicker. Some MUCH longer!

Need to find your agent and start looking for a home on or before September 9.

Most realtors® will not start showing you homes until you have been pre approved with a reputable lender. Do it yourself online lender pre approvals are not reputable. This can take anywhere from 20 minutes to 5 days.

Need to find a lender on or before September 2.

Today is July 13^th, 2009. Provided that there aren't any obstacles during the transaction, you have just under 50 days to get started. But I wouldn't wait if I were you. Consider this short list of obstacles that you might be up against:

As the mortgage companies get loaded up with first time buyers, the process time could increase dramatically. We are already seeing this with some lenders as their underwriting departments get swamped with loans.

Title/Escrow companies are getting bogged down too. When mortgage companies are late getting doc's out the pressure gets put on the Title/Escrow companies. As we get closer to the deadline, there is a good chance that they may experience serious delays.

The clock is ticking! Don't miss your chance to buy your first home. The market has never been more favorable for First Time Home Buyers.


When you choose us to handle your Vancouver Washington real estate needs, you choose a team of Realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark County and we specialize in Vancouver, Ridgefield and Battle Ground.We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area.  Additionally, we have helped numerous families build their own Vancouver Washington dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service. Go to www.ernw.org for more information. See our video here.