Thursday, April 22, 2010

Buyers Expecting Tax Credit Extension Are Taking a Huge Risk

First time home buyers and buyers who have owned their homes for the past five years who think that the tax credits in effect now will be extended are in for a surprise. There seems to be no discussion in the realtor community about lobbying lawmakers to extend the credits.

The first tax credits were due to expire last fall but were extended. At that time, realtors expected the extension because our national association was sending frequent emails about the progress of the lobbying effort.

This time there is no effort that is widely publicized. Our advice is to make every effort to be under contract by the end of April if you are in position to do so. No point in waiting until the first week in May if you can be under contract in April.

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