Home Buyer Tax Credit Deadline Approaching

The federal home buyer tax credit ($8,000 first first time home buyers, $6,500 for repeat buyers, income limits apply) is scheduled to expire on April 30th. Buyers who want to take advantage of the tax credit (which is applicable only to primary homes, not vacation or second homes) must have a fully executed, binding contract of purchase by April 30th, 2010, and the sale must actually close prior to June 30th, 2010. Keep in mind that an accepted purchase offer (which is typically the first step in the purchase process here in Sullivan County) is not a binding contract to purchase. It can take a few weeks from an offer to fully executing a purchase contract. So if you're out house hunting and want to qualify for the tax credit, your drop dead date for making a decision is quickly approaching. Remember you must have a fully executed purchase contract by April 30th. I think it is highly unlikely the credit will be extended for a second time, so this is it.