Short sale buyers may not make tax credit deadline

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Even buyers who nail down a contract with the seller by the April 30 deadline can’t be sure the purchase will close within the required two months.

“That’s where you get into that riverboat-gambling mentality,” said Jim Ruddy, the longtime real-estate agent representing Nacion-Ograyensek and her husband.

“Is it worth gambling that $8,000?”

At this point in the tax-credit countdown, buyers interested in purchasing a short sale must decide whether they are really committed to that property — enough that they would still want to purchase it if they miss the June 30 tax-credit deadline, Ruddy said.