Home Buying in Bensenville>Question Details

Liza, Home Buyer in 60106

is it true that short sales are unable to be closed within 3 onths to take advantage of the 8Ktax credit?

Asked by Liza, 60106 Sun Aug 23, 2009

short sales

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It may or may not and most likely may be too late unless the state decides the extend it. It depends on so many factors not under your control or your broker's control. If I were you, I would decide what is most important to me and act on it. Nothing is for certain in a short sales transaction. It can be very aggrevating as well as very rewarding... Good luck!
0 votes Thank Flag Link Sun Aug 23, 2009

Statistically the odds are against a short sale closing by November 30, 2009. You have 99 days from today to close on a home to get your $8,000 first time buyer tax credit. If the tax credit is important then either buy from a seller that is not short or a bank owned. I would suggest you go out now and find your home because time is running out. You don't want to plan to close on November 30Th because if there is any delay you will not qualify for the tax credit.

Let me know if you need any additional assistance.

Dennis Toomey
Cell (847) 338-0180
Fax (847) 956-2844
E-mail: dtoomey@remax.net
Web site: http://www.HouseByZip.com
0 votes Thank Flag Link Sun Aug 23, 2009

Plain and simple it's a gamble. No one knows exactly how long your short sale will take to close. There are lots of variables. I have worked on several short sales, and have not had one close in under 90 days. You should expect that you won't get the credit, or be pleasantly surprised if you do.

Or... you might look for another property. Talk to your agent for guidance.

Good Luck!
0 votes Thank Flag Link Sun Aug 23, 2009
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