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Home Purchase Tax Credits 2010


There are ONLY 30 days left to locate and purchase your next home if you want to take advantage of up to $8,000 in government tax rebates for home purchasers.

The rebates are available to both first time buyers (no personal residence owned in last 3 years) and repeat buyers (current home owners who have owned their homes for five of the last 8 years).

In order to qualify, the home buyer must be locked into a binding contract by April 30th 2010.  Although you will have until June 30st 2010 to complete the transaction, you must be in a binding escrow by April 30th 2010. 

Don't fall into the contract language trap.  Most real estate purchase contracts contain contingency clauses to protect the buyer.  For example, the purchase contract may give the home buyer 17 days to inspect and investigate the home, obtain an appraisal and secure a loan.  This makes it a contingent contract, which will not qualify you for the home buyer tax rebate.  In order to be eligible for the rebate, you must have removed ALL buyer contingencies provided in the contract by April 30th 2010.

So to be safe, you really need to locate your next home by April 15th 2010, unless you want to give up your contingency protections.  That's ONLY 30 DAYS from TODAY!  Inventory is limited in many areas, such as Scripps Ranch houses and Rancho Penasquitos houses.  Short Sales will not work because they take too long to process.  That means that you have to locate a home owner with equity in their home, or a foreclosed property whose owner is willing and able to process the transaction in the next 30 days.

Since you probably will not be the only purchaser scrambling to purchase a home in the next 30 days in order to take advantage of the tax rebates, you will most likely face competition from other similar minded purchasers.

 If you have not yet started looking for your next home, you better start looking immediately.  If you see a home that has 80% to 90% of the features you want, grab it as another one may not come along in time for you to take advantage of the tax rebates.


To look for a home and take advantage of the federal tax rebate program, call Real Estate Broker Claude Braunstein at 858-271-7770 (   A Coldwell Banker affiliate with over 30 years of experience, Claude and his team will help you find the right home at the right price and help you to take advantage of the home purchase tax rebate.  Additional information is available on our website , where you can also search the MLS for a suitable home.  CA Broker Lic # 590130.
Posted on March 08, 2010 18:29:30 by Claude Braunstein & Associates

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