There are rumors that the 1st time homebuyer tax credit will be extended, but at this moment, it is technically expiring on November 30th (must close escrow before 12/1/09). In fact, I think that Congress will be voting this week on whether or not to extend it, but I’m not sure if this is just a rumor as well.
At this moment though – assuming the credit will not get extended – it means that if you’re not in contract yet, it is going to be a tight move to close by the 30th. Escrow and lock periods are conducted by calendar days, but bank turntimes are conducted on business days, so with the Thanksgiving holiday coming up, that presents more of a challenge.
I will let you know when I hear about the extension (if any).
