Looming Tax Law Changes: Should Home Buyers Rush to Close in 2017?

Counting Down to December 31 December 29

At least for Buyers’ agents, the answer to the question, “should I close on my home purchase in 2017, before any new tax laws take effect?” is easy:  “consult your tax advisor.”

Fortunately, agents are able to field a related question: “is it still possible to close in 2017?”

Closing Hurdles

Whether a 2017 close is still in the cards, timing-wise, depends on two things:  1) what stage is the deal currently at?; and 2) what is the status of the owner’s title?

In general, if the Buyer’s loan is already underwritten (or they’re paying cash), and the title is clean (there are no liens or other encumbrances), in theory it should still be possible to close before 2018 — now just 9 business days away.**

**The last business day of the year is Friday, December 29.

P.S.: There’s an apocrphyal story about former Illinois Senator and two-time Democratic Presidential nominee Adlai Stevenson, who was famously indecisive.

Waiting in the wings about to give a campaign speech, he asked an aide if he had time to go the bathroom.

When the aide checked, and replied that he had five minutes, Stevenson supposedly said to himself: “Do I want to go the bathroom??”



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