Of note, The Senate introduced an amendment to extend the deadline for closing on home purchases in order to qualify for the first time home buyer tax credit. Currently, those who signed a sales contract by April 30 and close on their homes by June 30 can still qualify for the credit. However, due to delays in completing transactions, particularly complicated ones such as short sales, many purchases may not be finalized before the end of this month. This amendment would extend the deadline for closing to Sept. 30 on homes under contract on or before April 30. The Senate will take up this amendment this week.
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker
Everyone is watching. In the meantime, rates are so attractive, and homes are not the only properties being moved, invested in these days with stock market woes. Real estate, your best hedge against inflation.
Jun 14, 2010 02:38 PM
Compass - Arlington, VA
Real Lives. Not Just Real Estate.
hmmm, this is nice and all, but I think if they do that, they should extend the April 30th part. Just say it has to close by X date, not "UC" by another date. I had a buyer who missed the April 30 because HER buyer's financing was delayed.
Jun 14, 2010 02:41 PM
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407
That would be great if they could extend the credit.
It's a great incentive.
Jun 14, 2010 03:10 PM
Anonymous
I am one of those people held up by "bottle necking" in the mortgage industry. I signed a contract in May 2010 and am STILL waiting for financing to go through. Construction of our homw will be complete Monday,June 21st and we are PRAYING to have financing by the 30th. Why not offer the "grace period" for buyers already in contract?
Jun 14, 2010 04:59 PM
#4
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