earliest time I can close in the begging of year if I need a tax transcript from the IRS

Asked by Fm, 01702 Sat Nov 10, 2012

My home search this year had to be delayed until next year because I will need another full year of tax returns, I will file as soon as I can in January 2013, but I am concerned that the IRS does not process the return until later... I have heard as well that some cases are not processed until April ( if you are not expecting a refund)... What is the experience... is it realistic to say you will be able to get a tax transcript by end of January, mid February?

Can I get a mortgage if the bank is not able to get an IRS transcript but can get the filed return signed by a tax lawyer ?

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4
Heath Coker, Agent, Falmouth, MA
Sun May 26, 2013
The filing is what counts, not the date you get your check - unless that money is part of what you need to buy a property.

Of course choosing a local real estate pro can help you save a lot of time.
(Not me, I'm on the Cape, but I can help you choose a local pro when you are ready.)


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0 votes
Louis Wolfs…, Agent, Needham, MA
Sat Nov 10, 2012
I believe that a copy of the tax return you file is sufficient. I would check with your mortgage lender and see what other mortgage brokers in this forum recommend.
0 votes
Lynne Hagopi…, Agent, Framingham and Southborough, MA
Sat Nov 10, 2012
Hi..I would call a tax accountant and ask this question. Also ask if it makes a difference if you file electronically..I would be glad to help when you are ready if you are looking in the area for a new home in the beginning of the year. Good luck and let us know what you find out as I am sure you are not the only one in this situation.

Lynne Hagopian
Realtor
Hammond Residential
508 648-0393
LHagopian@hammondre.com
0 votes
Thanks, I am scared because I found out that even if you efile, the IRS does not start processing until January 22, but I can take longer for them to process and you are not able to get a transcript until they finish processing. I read scary cases yesterday of people who lost their house because it took the bank more than 6 weeks to get a transcript!
Flag Sun Nov 11, 2012
Richard Shap…, , Framingham, MA
Sat Nov 10, 2012
It tough. If you file right away it may take about 4 weeks but the longer you go the longer it takes. We do have an accelerated way and would be happy to share if you contact me.
0 votes
You are always so helpful!

My kindest regards
Flag Sun Nov 11, 2012
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