You may be thinking to yourself it is only the end of August, but to qualify for the $8,000 tax credit you must close escrow before Dec 1, 2009. Many short sales can take 4 months to close, sometimes even just to hear back from the bank. If you are thinking of claiming the credit you need to be sure to give yourself plenty of time to look.
There is speculation that the credit may be extended but I wouldn’t hang your hopes on that. There is plenty of competition and many multiple offers are going in on properties. A recovery is well under way here, and while that is not true of all markets, statistics show life in most states’ housing markets. The credit has been highly successful so we will have to see, but it is best to begin the process now because it often takes longer than one expects it will.
