1st Time Home Buyer Question

The latest property I looked at knew was good, so good that between the time I told my agent to set it up and I met him at the property he informed me that they updated the listing and there were multiple offers and highest and best offers needed to be in by Tues 4/20/10 @ 12:00pm after only 1 day on the market. I have seen this happen on more than one of the homes I have looked at recently. Since they typically are move in ready home , is it the 1st time buyers who are offering full price and using their $8K credit to fix the cosmetic issues? If so what will happen to prices when they are gone? Are investors happy or sad to see the April 30th come and them leaving the buyer pool?

I answered your questions in the other post, however I would like to add that the 8k tax credit cannot be used for repairs, it is for down payments only and is forwarded to the original owner of the property. I mean that it would go to the same people that a down payment would go. It takes several months to get as well.
Redhawk

If all it takes is $8,000 to tempt a buyer, offer your own $8,000 credit. As far as I know, it’s still legal and fine with the banks to leave $8,000 cash in escrow as a holdback for new carpet or repairs.