As the deadline for the federal home buyer tax credit nears (June 30th) thousands of new home buyers are discovering they may miss out on the $8,000 tax credit.
Some of these new home buyers have entered into “short sales”, where the property is worth less than what the current homeowner owes on their mortgage. In some cases, banks are willing to accept the short sales because, after all, some money is better than no money and this will also prevent the property from going into foreclosure.
However, banks take quite a few months to accept the final deal in a short sale, sometimes up to six months. So those buyers who didn’t get their final paperwork to the bank before January 30th are really sweating it right now.
Read the whole story here.
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