Tax Credit Extension Approved by Senate!!

by The KCM Crew on June 30, 2010

BREAKING NEWS: Done!! President signed bill!

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http://www.mauirealestatesearch.com Alex Cortez

That’s great news for those affected. Question, are short sales which have been accepted by the seller be considered to be under contract (although the lender had not approved it by the april 30 deadline)?
http://www.steveharney.com Steve Harney

Sorry, Alex. It is my understanding that under contract means just that. I don’t believe a ‘meeting of the minds’ without formal contracts qualifies. Great question!!
Tacha Kasper

It’s my understanding that if a full RPA was executed and signed by the seller and the buyer, along with the ‘short sale’ addendum (in CA) that it is considered to be “under contract” as long as all the documents were signed and dated prior to April 30th and that awaiting lender approval would not “undo” the April 30th date and tax credit eligible status.