If you have not seen or heard about the new television show Flash Forward, basically everyone blacks out and awakes with visions of themselves 6 months into the future. It has been entertaining and interesting so far, you should check it out.
For anyone thinking of purchasing a home in the near future, here is a helpful flash forward that does not involve blacking out or visions.
If you flash forward to May 1, 2010 and you have not entered into a binding contract to purchase a home, you won't be seeing up to $6,500 or $8,000 tax credit. The extension passed by our Government on November 6, 2009 only allows the majority* of home buyers to take advantage of the tax credit as long as they are under contract by April 30, 2010.
If you believe you are ready to purchase a home in 2010, make sure you do so in plenty of time to qualify for the home buyer tax credit.
Tax credit extension adds a closing cushion that could help buyers who are trying to purchase a home subject to short sale.
*Members of the uniformed services, members of the Foreign Service and employees of the intelligence community serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.
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