As the tax credit deadline of contracts signed by April 30th with the close of escrow deadline of June 30th, we are starting to see a lot of questions again about whether or not a buyer in the market now can still take advantage of the Home Buyer tax credit. Here is a post on Trulia bringing up this question.
My understanding according to the IRS website is that a binding contract must be signed by April 30th and bank approval will obviously be needed to close in time for the July 1st deadline.
Has anyone learned of any additional reasons why someone who signs a binding contract in the next two weeks would NOT be able to obtain the credit if bank short sale approval were issued in time for the buyer to close by 7/1/10?
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