You have not missed anything. The economy is not going to magically recover in the next month or three. Wait until you come back to find something worthwhile. The certainty will pay off more than the panic driven purchase of something you cannot properly analyze.
In addition to the credit those same people eligible for the extended time receive, the recapture (takeback of the credit) that everyone else is subject to has different more lenient rules. If you PCS, for example, within the first year of purchase you still get the credit.
So for the military and others mentioned you have until 4/30/2011 to execute a binding contract to purchase that must close by 6/30/2011. You'll remember that everyone had these deadlines and then because of the backlog of mortgage applications the closing deadline was extended to 9/30/2010 - so the deadline might also be extended for the group until 9/30/2011 but don't count on it.
Are you required to occupy? Bear in mind that your residence is not the barracks where you sleep. Occupancy is more about future intention to occupy when repatriated (and where your stuff is) than actually being there when you're currently stationed overseas. However, only the IRS can definitively answer this, since in 1997 the rules about residence were re-written and re-done again in 2004 (and for that matter almost every year). The rules tax professionals follow can fill a bookcase and often professional disagree.
If you were overseas for at least 90 days while the tax credit was active then you actually have an extra year to take advantage of it. If you would like more details then please email me at Holt@ebby.com.
You haven't missed out on the tax opportunity!! Active miltiary on duty can still take advantage of the tax credit until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included. So you still have time for the credits.
You can purchase a home with others that you trust to look at the home for you, if need be, and inspections can be done to make sure that the home is acceptable to you.
1. Do you have a family member who can represent you in home selection?
2. OR are you married where spouse can determine which home fits with family dynamics
3. I woould need to interview obtain more particulars
However we work with many families in same situation as you AND worldwide investors who may never see a property however have confidence in your professional services.
THANK YOU FOR SERVIING OUR COUNTRY !
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors