Okay. You want to buy a house. You qualify for one of the tax credits. You need a contract by April 30th. But, who do you think has a little more power when negotiations begin? Especially if your realtor let the listing agent know that you qualify?
I think we’ll see a little power return to the seller……..atleast until the credit expires. For those sellers with the best listings on the market, they will probably get a few thousand buck more for their properties. Buyer’s won’t mind paying a little more either since they will be getting it back through the tax credit.
What is one thing you can do to make sure this doesn’t happen to you? Tell your realtor NOT to chit chat with the other agent and let the cat out of the bag that you qualify. They may as well write “Sucker” on your head. Especially once we start getting really close to the deadline. I can honestly say that I didn’t bother to remember which of my buyers get it and which ones don’t. So, when a listing agent asks me, I can honestly say “I don’t know.”
Here is something else to think about. Let’s say your somebody that gets the credit, writes an offer right before the deadline, then gets the house inspected AFTER the deadline. If the seller and their agent know you will get the credit, and the deadline has passed, they know they can likely tell you no to any repairs you want. You’ve lost a lot of leverage in negotiating repairs.
It sure is a great time to be a buyer, but it would be wise to find a house and get it inspected before the deadline. It wouldn’t hurt to have a second or even third house on standby.