Can I receive the first time home buyer tax credit if I buy a short sale?
Houses being sold as a short sale make up a significant portion of listing inventories across the country. Buyers want to know if they can still receive the first time home buyer tax credit if they buy a short sale.
The answer is yes as long as the house is a detached or attached home, condo or townhome and the buyers meet all the additional qualifying factors. The only concern a buyer might have making an offer on a short sale is the time it will take to process the short sale from start to closing. This is crucial because of the April 30,2010 time limit to have an offer on a property that closes by June 30, 2010. Short sale transactions can take several months depending on the seller’s situation, the lender involved and the listing agents experience level.
Contact me to speak with a short sale real estate expert in your area.