House Approves Home Buyer Tax Credit Extension
The June 30 deadline extension for the home buyer tax credit might not be dead after all.
Several members of Congress introduced a stand-alone bill in the House today to give buyers who are currently in conctract and who have met the April 30 deadline three more months to close on their transactions.
Lucien Salvant, a spokesman for the National Association of Realtors, said the proposed Homebuyers Assistance and Improvement Act seems to have "a good chance of passing" in the House and he's hopeful it will happen today. The Senate could take it up tomorrow, he said.
The Senate, if you'll recall, supported an amendment to extend the closing deadline to Sept. 30 but attached it to a bill with a lot of other measures that did not have broad support. That bill died last week. This House version only extends the tax credit closing deadline and does nothing else, Salvant said.
Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
UPDATE at 5 p.m.: The House voted in favor of the bill this afternoon. The National Association of Realtors says it's on the way to the Senate now.
I have 2 short sale contracts pending ... we went into contract on 3/15/10 and still don't have final bank approval. My buyers would be thrilled if they could still get their $8,000 ...
I will post updates on my blog www.OhioPrettyHomes.com. Feel free to stop by!
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