Apr 29 2010
Less Than Two Days Left!
The deadline to take advantage of the first-time and repeat/move-up home buyer tax credits is fast approaching. You must have a binding contract signed by midnight, June 30th (that’s tomorrow!) to be eligible for the $8,000 tax credit for first-time buyers or the $6,500 tax credit for repeat buyers. (The one exception are military service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, who may qualify for a one-year extension.)
I have lots of clients calling me and asking me when we will know about the terms of the extension for this credit and I keep telling them there will be no extension. There is no bill in Congress right now to extend the credit. So if you’ve got a home in mind, don’t delay. Time is really running out!
I’ve previously provided links to information about the credit, but here it is again in case you need a quick refresher: Homebuyer Tax Credit.
Meantime, if you already have a binding contract that will let you take advantage of the tax credit, you have until June 30th, 2010 to close. In this regard, a word to the wise: June 30th falls at month-end when attorney and title and mortgage lenders are typically at their busiest and with all the tax-credit contracts coming up for closing in May and June, they will be even busier this year. All the activities required to close a home take longer to complete in the last week of each month. And by June 30th we also see the start of summer vacations, which reduce staff in legal and banking offices. So try to schedule your closing as much before June 30th as possible to ensure you are closed before this deadline.
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