Tax Credit Closing Deadline Officially Extended to September 30, 2010. Nothing like waiting until the last second. The tax credit extension sounded promising, doomed then passed a vote in both the House and the Senate as a stand alone bill.
Home buyers all over America can breathe a sigh of relief now that they have several additional months to close on
their homes. This extension should help thousands who were unable to close by yesterday due to delays in short sale approvals, delays from stricter lending guidelines or backed up lenders. The closing extension is only valid for buyers who had ratified sales agreements by the April 30, 2010 deadline.
Short sale contracts benefit big! I personally have two short sale listings approved in Bend which were unable to close by June 30th. One was supposed to close yesterday but didn't quite make it out of underwriting. Fortunately, our short sale approval letter gives us until July 30th and the buyer will have a new home next week along with the $8000 tax credit. A second short sale is scheduled to close later this month. The loyal buyer has had their offer in since November and will also be able to benefit from the tax credit extension.
Let's get closing!
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