Will the $8,000 tax credit be extended?
April 9, 2010
According to my sources the $8,000 tax credit will NOT be extended. There simply is not enough money available to extend this first-time home buyer tax credit. So it is now or never folks. If you’d like to benefit from this tax credit you need to be under contract in the next few weeks and closed by June 30, 2010. This means short sales aren’t going to work. Concentrate on traditional sales and bank-owned or you will miss the tax credit. Anyone that tells you that you can go under contract and close on a short sale by June 30, 2010 is either under the influence of something exotic or completely inexperienced with short sales.