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Like It Or Not ~ The Tax Credit Closing Deadline Has Been Extended!

UPDATE**** tax credit has not been extended! MY BAD! I jumped the gun. The senate has not signed the amendment as of yet, we are still waiting for the final decision.

 

It is true, the closing date for those who met the April 30, 2010  deadline to have a signed contract has been extended. The new date a buyer needs to close in order to be eligible for the 2010 Home Buyers Tax Credit is September 30, 2010.

Like it or not, the Senate accepted an amendment by Senator Harry Reid (D NEV) to extend the date. By a vote of 60 - 37, the amendment was passed. This only affects the home buyers who have already made offers and should not have any significant affect on the housing market.

Click here to read the full story from Reuters.com

The Tax Credit Closing Deadline Has Been Extended!

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Comment balloon 5 commentsTerrie Leighton • June 16 2010 07:39PM

Comments

Terrie.. I didn't hear anything about this... yet.  Did this just occur today?

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 8 years ago

Yes Valerie, the amendment was just passed.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 8 years ago

We have one family with a contract on a short sale that would certainly have not made the June 30 cutoff for closing.  Maybe we can get it done by September.

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales (Ocean View Realty Group in Ormond By The Sea Florida) over 8 years ago

This seems pretty ho hum to me other than those who feared not getting on record because of the large volume of closings at the end of the month.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 8 years ago

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The agents I’ve spoken with report a severe drop-off in the number of prospects and sales since the end of the tax credit.  I believe we will see the tax credit reinstated within the next few months. Our elected officials have a very small tolerance for pain. Construction and home sales represent a large part of our economy. If the market continues to flounder, look to see a return the of tax credit.

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Posted by Doug Kaller (Academy Mortgage, Reno, NV) over 8 years ago

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