Last Day for Federal Tax Credit

Obviously, this is not news to many home buyers but those of you wanting to get that federal tax credit with offers that are already out there should get the sellers to respond to your offer and create a binding contract by the end of the day today. A "binding contract" does not mean just an offer. It is imperative that you receive both the buyer and seller's signatures on the contract form and that the acceptance of the seller is conveyed to the buyers. It is only when acceptance is conveyed that a binding contract is created.

This is what the California Association of Realtors has to say about it:

This is the final day for home buyers to enter a binding contract to take advantage of the federal tax credits for certain home buyers. Eligible purchasers must enter contract by April 30 and close escrow before July 1 to claim the tax credits on their federal tax returns. A one-year extension may be available for members of the military and other federal employees who served on official duty outside the U.S. for at least 90 days from January 1, 2009 to April 30, 2010.

First-time buyers may be eligible for up to $8,000, while existing homeowners may be eligible for a tax credit of up to $6,500. Neither credit requires repayment if buyers live in the residence for three or more years.