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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7197
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Hi Im buying a home and have the owners signitures, the home

Customer Question

Hi I'm buying a home and have the owners signitures, the home is a short sale but is still in the buyers name and has not been forclosed on. It needs to be approve by the lenders for the seller, I'm worried about missing the april 30th deadline for the tax credit. Will this count as a binding agreement so that I can claim the firest time home buyers tax credit once the sellers lenders agree to the sale or do I need all signatures involved for it to be a binding agreement and make me eligable for the tax credit?
Submitted: 7 years ago.
Category: Tax
Expert:  Stephen G. replied 7 years ago.

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.



The bank doesn't own the property. If they haven't foreclosed, they are just the mortgagees.


The question is, do you have all the elements of a binding contract. It isn't just signatures. What kind of a contract is it? If there's a realtor involved, maybe they can get a lawyer they work with just to look at it and advise you on that one point.



Edited by Stephen E. Grizey, CPA on 4/1/2010 at 11:26 PM EST