To all of you who are complaining that you don't qualify because you haven't place a home under contract yet or went under contract after April 30, 2010:
You have had over 2 years to take advantage of the tax credit. The 1st deadline was in 2008, then 2009 and finally April 30, 2010. We all knew that it wouldn't be extended forever. There were many, many great bargains on homes out there, and we had dozens and dozens of clients buy them and take advantage of the credit. We had many other buyers who didn't take advantage of it because they procrastinated too long.
But as the final April 30th deadline approached, I told my buyers that it made no sense to buy a property they weren't happy with just for the sake of getting the tax credit. By waiting they have the opportunity to purchase the home they really want and, with all the short sale/bank owned properties on the market, save much more than the $8,000 they would have received.
Yes, the tax credit is over, but the savings are still here. Buyers are picking up short sale properties and with a little work they are getting instant equity.
Jim Armstrong
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