Like It Or Not ~ The Tax Credit Closing Deadline Has Been Extended!

By
Real Estate Agent with Ferrari-Lund Real Estate 61129

UPDATE**** tax credit has not been extended! MY BAD! I jumped the gun. The senate has not signed the amendment as of yet, we are still waiting for the final decision.

 

It is true, the closing date for those who met the April 30, 2010  deadline to have a signed contract has been extended. The new date a buyer needs to close in order to be eligible for the 2010 Home Buyers Tax Credit is September 30, 2010.

Like it or not, the Senate accepted an amendment by Senator Harry Reid (D NEV) to extend the date. By a vote of 60 - 37, the amendment was passed. This only affects the home buyers who have already made offers and should not have any significant affect on the housing market.

Click here to read the full story from Reuters.com

The Tax Credit Closing Deadline Has Been Extended!

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Your Home. My Priority. Since 2003

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Designation ~ Certified Green
Certifed Negotiation Expert (CNE)
Property Manager

Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Terrie.. I didn't hear anything about this... yet.  Did this just occur today?

Jun 16, 2010 12:40 PM #1
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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Yes Valerie, the amendment was just passed.

Jun 16, 2010 12:51 PM #2
Rainmaker
1,100,376
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

We have one family with a contract on a short sale that would certainly have not made the June 30 cutoff for closing.  Maybe we can get it done by September.

Jun 16, 2010 12:58 PM #3
Rainmaker
1,049,106
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

This seems pretty ho hum to me other than those who feared not getting on record because of the large volume of closings at the end of the month.

Jun 17, 2010 12:53 AM #4
Rainmaker
254,268
Doug Kaller
Academy Mortgage, Reno, NV - Reno, NV

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The agents I’ve spoken with report a severe drop-off in the number of prospects and sales since the end of the tax credit.  I believe we will see the tax credit reinstated within the next few months. Our elected officials have a very small tolerance for pain. Construction and home sales represent a large part of our economy. If the market continues to flounder, look to see a return the of tax credit.

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Jun 17, 2010 05:21 AM #5
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Terrie Leighton

Reno Real Estate Agent ~ Selling Homes in Reno
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