Asked by Thomasina, Springfield, MA • Fri Dec 18, 2009
I put a bid on a short sale property from Bank of America & my offer was accepted. I signed the purchase &sale 2 months ago, but am still waiting for the bank to sign it (I have heard BOA takes FOREVER to close) . I am trying to expedite this process as much as possible because I want to qualify for the $6500 tax credit (I am a previous home owner). I have 2 questions:
The purchase and sale I signed was done in October. Because the new tax credit of $6500 did not go into effect until the beginning of November, does this mean I do not qualify, even though the bank has not signed the purchase and sale yet?
Also, because the house is a short sale I am aware that no repairs will be made. Can I do a home inspection now, before the bank signs the purchase and sale, so that if there are items wrong with the house that I do not want to fix I am not waiting until it is too close to the June 30th deadline that I am unable to find another house in time to get the $6500 tax credit?
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