Per the IRS this morning, in order to qualify for the 1st time or repeat homebuyer tax credits, a contract is considered consummated when the buyer and the seller have agreed to terms.
The status of the short sale approval has no bearing on the buyers qualification - in other words, the short sale lender does not have to agree to the terms prior to April 30, 2010.
That said, the transaction must still close on or before June 30, 2010 to complete the qualifications for the tax credit.
Richard Lecinski
Long Realty Company
Tucson, Az.
520-834-4663
http://rlecinski.longrealty.com
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