According to the Illinois Associate of Realtors, Friday president Obama signed into law, an extension to the tax credit that allows homebuyers, who had their contracts in place by April 30th of 2010, and were originally supposed to close by June 30th, a reprieve.
They can now close as late as September 30th, 2010. This is a great relief for those who "purchased" prior to April 30th, but due to unforeseen circumstances, or events out of their control (for example, trying to work through a short-sale or foreclosure process), were unable to meet the closing deadline, and therefore were in danger of losing that $8,000 credit.
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