News affecting Kinston Real Estate

Kathy Riggs September 13th, 2009

Can you believe summer 2009 is over? Seems like it just started a few weeks ago…. well the calendar says we are past Labor Day and it won’t be long before the retailers will be putting up Christmas decorations. Truthfully, I wish they would wait until after Thanksgiving to bring out all the red and green.
But it you are contemplating becoming a first-time homeowner, you don’t have much waiting time. Unless the tax credit is extended, November 30 is the deadline to close on your home and be eligible for the credit.
Rules and regulations affecting real estate transactions are always changing. Just a year or so ago, it was normal that contract-to-closing took approximately 30 days. Now, 45 to 60 days are normal. If you read any of my earlier posts you will remember the time between contract and closing is the period inspections and appraisals are done and the lender finalizes the loan. So if you are house hunting and have decided on a lender, ask the lender how much time must be allowed to “close the loan.”
With more and more time being required to close a loan, first time buyers should not procrastinate if they want to cash in on the tax credit. First time buyers should have a home “under contract” by October 15 if they want to meet the November 30 deadline for the tax credit.
A quick refresher, to be eligible for the tax credit, a buyer must not have had any ownership interest in a home in the past three years. Buyers can receive a dollar for dollar tax credit for 10 percent of the purchase price of a home up to $8,000. Some income restrictions apply.
So if you think you qualify, don’t wait. Give me a call today.
On the Lighter Side…
New Homeowner to Friend: When my Realtor said location, location, location I didn’t know I was buying three houses.
SHAMELESS PLUG
I have a client interested in purchasing an existing poultry farm.
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.

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