Now this is a potential bit of good news for buyers scrambling to get in under the wire. A senate amendment was unveiled yesterday which will be voted on next week. This would extend the CLOSING deadline for buyers who made the April 30 deadline to be under binding contract.
Under the proposed amendment, the closing deadline of June 30 could be pushed back to Sept. 30. The amendment is sponsored by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions -- especially short-sales, which is a more involved process. Now that's an understatement!
Personally, all of my first time and repeat buyer clients who qualified for a credit by getting a home under contract before April 30, have already closed. But I know others are frantically scramblling and lenders are feeling the pressure.
I think this just makes sense, and I have my fingers crossed that it passes.