There is a movement in the Senate by Senators Harry Reid of Navada, Johnny Isaakson of Georgia and Chris Dodd of Connecticut to extend transaction closing date deadlines for buyers trying to take advantage of the home buyer tax credit. The proposed change would only be applicable to existing transactions that will not close by the current June 30, 2010 deadline. This ammendment would help buyers that have contracts on short sales or REO's that are still waiting for bank approval.
The proposed ammendment would extend the deadline for transaction closing date to September 30, 2010.
An article posted yesterday on CNBC http://www.cnbc.com/id/37622791 as well as a press release on Senator Reid's web site http://www.reid.senate.gov/newsroom/pr_061010_homebuyersextension.cfm speak to the proposed extension
I for one am a huge fan of this proposal. I just hope it is not coming too late for some who may have already given up on a transaction that they feared would not close in time for the tax credit.
John L. Scott - North Bend
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