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I had been contemplating selling our home before the first time home buyers credit ran out, but felt if would be cutting it close and was going to wait until the spring. Our home appeals to first time home buyers. We had a random first time homebuyer want to buy our home, and it wasn't even for sale. We've got as far as all the inspections, inspection repairs, apprasials and we are closing at the end of November. It is a real "stand out" home for the price range, but I never thought someone would just have their realtor contact us one day!
The best part is, we are being careful about the home we are going to purchase. We made an offer on a home and ours was accepted. The home we are purchasing had 3 offers on the table. It's the lowest priced house in the whole neighborhood and it's a Realy nice and popular neighborhood. It's not a short sale, but we are buying it for $50,000 less than the APPRAISED value (recently appraised)! It's only 3 years old. We had it inspected and the inspector said there was quality written all over that house and no issues were found. He said the builder went over and beyond. They accepted our offer because we have a close closing date on our current one.
The area is Raleigh, NC. We sold our home for 159,000. Most first time homes in the area are 150,000 to 200,000. That will buy you a single family small (1100 to 1400 sq foot) home or a townhome. The apprasial sent out by the bank was our exact asking price.
We are buying a home for $295,000 (a steal for the community). It was only on the market for 40 days. The average price of a single family home here is around 290,000. The home we are buying is a 2340 sq. feet custom home in a golf course/greenway/community. The neighbor on one side paid 377,000 for theirs and on the other side 407,000. Homes in the neighborhood range from 300,000 to 600,000....except for ours. The same exact home/floor plan on the same street sold for 350,000 back in feb of 2009.
We got one of those "I have a client who is interested in your home" letters a few weeks ago. We are not in the position to sell as this time. It's nice to know that sometimes those things work out. Have fun with your new place, it sounds fabulous.
Plus, as it appears now you ll be able to take advantage of the new Tax Credit extension since it looks like (not final yet), that it will apply to "move-up buyers also.
I read an article today the extention will include all buyers and be increased to $15,000.oo.
It only makes sense to give hard working higher income Americans a better break than the fools who chomped at the bit with housing still artificially inflated.
This just keeps getting better and better. Ka-Ching $$$ Baby!!!
Plus, as it appears now you ll be able to take advantage of the new Tax Credit extension since it looks like (not final yet), that it will apply to "move-up buyers also.
How would they qualify if they close in November or December? I had read that the new credit might be considered after this one expires Nov. 30th. Do you have a link to the update?
Its all still being debated...but this thread (a few posts up) has all the latest that I ve heard - move up buyers will qualify, if they have lived in their home for some period of time already (the thread above says 5 years minimum - I ve also read there will be a sliding scale - you will get more of the credit the longer you ve been in your existing home - again all still be negotiated as we type here).
As for the date - I would GUESS that the date for the new credit would begin on December 1st - so if I was the OP I would be watching the news closely and delay my closing until they qualify!
When my parent bought their first home they said it was not at all unusual for people knock on the doors of houses that appealed to them to see if they could buy it. I think it's neat that it still happens.
Along the same lines; when I was young and looking to move out I went apartment hunting by going to the complexes that looked nice or were in the area I wanted and talked to the managers. They would tell me when units would be available to move in and even show me the floor plans. It wasn't until later that I realized that most people just looked in the "for rent" section of the newspaper and took whatever they could get.
Two of the homes I have bought, over the years, were a result of asking my real estate agent to knock on the door and make an inquiry. You don't know, if you don't knock.
Congratulations to the OP.
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