This Friday, at midnight, the Federal Home Buyer Tax Credit will expire for anyone not in contract at that time. The definition of “in contract” is a mutually accepted offer, fully signed and initialed by both the buyer and the seller. Anything less than this will not qualify, nor will anything signed even one second after midnight on Friday, April 30th, 2010.
If you are planning to take advantage of the Federal Home Buyer Tax Credit, you must have a mutually accepted offer signed by both the buyer and the seller by midnight on Friday, April 30th.
Are we repeating ourselves? You bet we are. There is no leeway in this rule whatsoever, so we want to be absolutely clear. There will be no way to backdate or “fudge” dates, or get an exception, or appeal to the Supreme Court, or fly really fast around the world to reverse time. This is a hard, government-mandated deadline. There is zero wiggle-room.
Our agents in every market will do everything in their power to expedite the process for home buyers who are trying to qualify for the tax credit. If you have any concerns about not making the deadline, you should contact your agent as soon as possible. Don’t put it off until later.