Nearly 200,000 homebuyers could lose out on the $8,000 tax credit because they can't get deals done by the Jun 30 deadline.
What did they do wrong? They tried to take advantage of the distressed properties flooding the market.
For example, many are trying to take advantage of short sales, buying from sellers who owe more on their mortgage than the home is worth. In these deals, the lender has to agree to forgive the remaining debt, and that can take time -- at least two to three months from the time an offer is made until lender approval. And that assumes a relatively clean deal, in which there's no second mortgage. If there are any complications, expect six months or more.
Read full story at CNNmoney.com
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