Barring a change or extension of the statue, the tax credit will soon cease to exist, as of the last day of Novemeber. With the implementation of HVCC (Home Valuation Code of Conduct) and MDIA (Mortgage Disclosure Improvement Act) it has become difficult, but not impossible to close transactions involving financing in 30 days or less.
Therefore;
Buyers hoping to receive the credit need to be under contract now! or certainly no later than the end of this month to have any realistic hope of receiving this benefit.
Do you think that there will be a last minute rush? Well that's certainly possible. That could slow the process further.
Please share this with the buyers that are currently looking for properties, and hoping to receive the credit.
You've been warned!
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