For a first-time home buyer who wants to take advantage of the $8,000 tax credit, steer clear of short sales - there simply isn't adequate time to pursue this kind of home and close by the Nov 30 deadline.
Short sale homes take a considerable amount of time to close. There is a significant wait time in receiving a response on any offer, then even more time involved in actually closing on the home. Total wait time is unique to each home, but typically is several weeks to a few months.
As a smart alternative, focus on bank-owned homes or ‘traditional’ homes that can respond in a timely manner and can close within 30 to 60 days. You can then be certain that you will be able to take advantage of the $8,000 tax credit available to you as a first time home buyer.
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