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June 1, 2010

Is Your June Real Estate Closing Delayed by Someone Else’s Tax Credit?

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Category: Real Estate Info


Are you in the midst of buying a home in the Tehachapi area or elsewhere in Kern County?  If you among those who simply were planning to move in June and didn’t qualify for the Federal tax credit, you may not be moving when you intended.  It appears that purchases like yours may get pushed backward in the queue in favor of those that are anticipating a tax credit.

Everyone wants to see those that qualify get the tax credits if at all possible.  You may recall that in order to qualify for the credit, among other requirements,  buyers have to close on their home purchase no later than June 30, 2010.  That means that if you are not among those but were intending to close, your purchase may be seen as less important and slipped to the back of the line.

Don’t think that it’s just potential buyers that are affected either.  Home Sellers are at risk too.  It’s the home seller that is providing the home the buyer is acquiring.  Of course the home seller was planning to move somewhere too, and so on, and so on.  Can you see the domino effect here?

So, what can you do?  Show this post to your real estate agent and make sure that they are following up with the escrow company and the other agent to ensure that your escrow closes on schedule.  Many agents may not even have thought about this possible delay to your transaction yet.

Do let me know by posting a comment if you are among those Tehachapi or Kern County home buyers or sellers  that are affected by the tax credit.  Or, share any thoughts on this subject.  I’m always happy to hear from you.

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