Would you favor a bill that would extend the closing date for home buyers who took advantage of the home buyers 2010 tax credit?
I recently read an article in The Washington Post, By Dina ElBoghdady that talks about this extension. The Bill, if it passes, would give home buyers three additional months to close on properties that went into contract on or before April 30, 2010. A few of the highlights from the article are:
Senator Majority Leader Harry Reid (D-NV) is putting together a Bill that would extend the deadline for home buyers who took advantage of the recent Home Buyers Tax Credit. The proposal would move the deadline for closing transaction to Sept. 30, 2010.
The National Association of Realtors (NAR) have noticed many home buyers will most likely not be able to meet the June 30 closing deadline because delays related to low appraisals, short sales that are not closing or getting approvals from lenders, loan documents taking to long to get to title because of the surge in loan volume.
You can read the full article in the Washington Post by clicking here.
I think an extension is a great idea. The NAR's estimated number of 180,000 homes that are eligible for the tax credit and getting them closed by June 30 seems highly unlikely.
Over the last 12 months, the average length of time for a Nevada short sale to close has been between 90 to 120 days, sometimes longer. With the April 30th deadline to be eligible to receive the home buyers tax credit, this has left just in 60 days for some home buyers to close. An impossible task under normal circumstances, even harder with the volume of homes that are under contract right now.
What about you, would you favor a Bill to extend the closing date for the credit home buyers?