Tax Credit Extended. You Mean I Can Buy a San Diego Home Today and Get the Credit?
Unfortunately, no. The Federal tax credit extension is not meant for buyers who find a home today and want to buy it. You had to have a home purchase under contract by April 30th in order to potentially benefit from the extension.
The extension ONLY applies to buyers who had a signed contract by April 30, but were unable to close escrow by the June 30 deadline. This has happened mainly because of delays with banks approving short sale transactions, which can take substantially more time to close escrow than the June 30 deadline allowed.
For buyers who had a valid, accepted purchase contract by April 30, 2010, you now have until September 30, 2010 to close escrow and claim the tax credit.
In San Diego, however, there still is an available California tax credit that allows you to buy a home now and claim the state tax credit.
Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.