Need Extra Time to Finalize Your Charlotte Home Purchase to Qualify for Tax Credits?
The government has approved a plan giving homebuyers an extra three months to complete qualifying for federal tax incentives, however this approval does not apply to new Contracts. You will have until September 30, 2010, to close on your Charlotte home and qualify for tax credits of up to $8,000 only if you were under Contract as of April 30, 2010. (First-time buyers are eligible for a tax credit of up to $8,000. Current owners who bought and are moving into another home could qualify for a credit of up to $6,500)
Who Qualifies?
Originally, you had to sign a contract to purchase a home by April 30, 2010, and Close no later than June 30, 2010. With this extension, anyone who had a signed purchase agreement by April 30 will have until September 30 to Close on the sale of that home which was under Contract by April 30, 2010.
Why the Extension?
Mortgage lenders have been swamped with borrowers trying to get their Charlotte home purchases approved by June 30. Many potential borrowers were having difficulty meeting that deadline. As well, many buyers have made Offers on short sales in Charlotte NC and are pending bank approval on those Contracts.
The National Association of REALTORS® (NAR) estimates that 180,000 buyers are likely to have missed the June 30 deadline "because of delays in the process." This is particularly true of short sales.
How do I Apply?
Have questions about the federal tax credits or any other questions about Charlotte homes? Give me a call today at 704-491-3310 or email me at Debe@DebeMaxwell.com. I’ll respond promptly and personally.
Debe - This is a terrific and informative post, as always. I hope you have a stellar week, my friend.
Debe, I love the graphics you always find to drive home your point....good job!
Debe, there were a lot of very upset buyers at the end of June when they didn't make the deadline. They also had a very ugly 4-5 days before this extension was granted. Hopefully most of them will get it resolved before the end of this term.
Hi Debe,
Some great information....Thanks
Debe,
As great as this sounds, I'm not hearing of the practical application here in the Springs. Thanks for the information.