Realtor and consumer groups are getting the word out to activate phone trees for extending the new homebuyer tax credit.

Realtors and consumer groups are working to get the $8,000 first time home buyer tax credit extended by calling and emailing their local legislators. The current deadline states that escrow must close before December 1 in order to qualify for the credit, which leaves a fairly short window to finalize your home purchase unless the deadline is extended.

For home buyers hoping to take advantage of the $8,000 federal tax credit, hopes of meeting the current November 30 deadline are getting pretty slim if you aren’t already in escrow. For short sales still waiting for approval from the seller’s bank, remember that your closing countdown doesn’t start until you get that bank approval and open escrow.

Here’s how you can help:

If you’re a consumer, call (800) 961-3302, enter PIN # 999999999, and then your home ZIP code to connect with your legislator’s office.

If you’re a realtor, call (800) 961-3302, enter your NRDS number as your PIN number, and you will be connected with your legislator’s office.

Yes, I know, recent news reports have indicated that fraudulent claims are being filed for these credits, but that will be the case with any assistance program and that doesn’t mean that the entire program should be halted. Monitoring is key here, which means that future credit payments will be delayed a bit as the paperwork is reviewed prior to a check being issued to the homebuyer, with estimates being a 3-4 month wait for future refund checks.  The wait may be longer for 2008 returns that were filed and later amended, since documentation from two different sources must be reviewed (the original return and the amended return). To speed up the process, over-document your request for the refund and follow up weekly to make sure your paperwork has been received and is being processed.

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