We've put an offer in on a home; it would be a short sale. The sellers have accepted the offer, but we're waiting for the bank to accept the offer. It's been a month and they haven't requested an additional documentation from the sellers.

Since the sellers accepted prior to the tax credit eligibility expiring, are we still eligible for the credit? Or does it have to be accepted by both the seller and the bank in order to be eligible?

Bump

Who holds title on the house? If it is the bank, then THEY must agree to the sale in writing (to be considered under contract) by 30 April 2010 for the sale to qualify for the $8,000 Frst Time Home Buyer's Credit.

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Originally Posted by AtlantaTaxExpert

Who holds title on the house? If it is the bank, then THEY must agree to the sale in writing (to be considered under contract) by 30 April 2010 for the sale to qualify for the $8,000 Frst Time Home Buyer's Credit.

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It is/was in the process of foreclosure. There is a lis pendens filed with the county but as far as I'm aware, the title is still in the seller/owner's name. The seller/owner has accepted our offer but the bank has to accept the offer amount.

We've gotten conflicting information - some say that both parties have to accept, others say we're eligible because the seller accepted before April 30th. We're just looking for the right answer, I'd hate to get the credit and then have to pay back in! :)