For those of you who have clients who are in contract on a property that was signed by April 30th you may be in luck if you are cutting it close to the June 30th deadline for the tax credit. Congress is considering an extension of the Home Buyer Tax Credit for those that are having trouble ( usually by no fault of their own) closing by the end of June.
This would be a huge relief for many borrowers and real estate agents who are having trouble because of a long drawn out short sale negotiations and issues on bank owned properties which are the big issues holding closings up right now. I have heard of nightmares of big banks like Wells fargo and Bank of America not being able to keep up with the huge rush to close these loans by June 30th too.
Check out the article below
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