This is an important clarification for all home buyers who want that tax credit: While everyone is talking about the April 30 deadline for qualification, there is another deadline to be aware of, and that is July 1, 2010. You have to be in contract to purchase by April 30, 2010 and close by July 1, 2010 to qualify for the tax credit.
April 30 and July 1. Remember those dates.
This is the link to the NAR brief on the 2010 home buyer tax credit.
The important thing about this to buyers in my own market of Westchester and surrounding counties is because that gives you 60 days to close, which, in New York, should be enough time if there are no snags.
Repeat: You do NOT have to CLOSE by April 30, you just have to be IN CONTRACT by April 30 and close by July 1 to meet the deadline for the home buyer tax credit.
Do your homework, find the right place, get those contracts executed by April 30, and close by July 1 and it pays you $8000. Not a bad deal.
Forewarned is forearmed! There is still time (about 90 days realistically) to find that home!
Get a head start on finding your home before April 30 with a FREE Listingbook account. Search the MLS database just like a broker.
- We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
- J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service.
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