Closing Deadline Extended for the Tax Credit!

By
Real Estate Agent with The Kelly Group Real Estate

Great news for those borrowers (not to mention all of us) who need to close their transaction before June 30th! It's been extended to September 30th!

 

 

WASHINGTON June 17 - The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6,500 credit.

Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.

The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.

Posted by

Sandy Mitchell, Buyer's Agent

503-502-6408

The Kelly Group, Keller Williams

Portland Premier

215 N Blaine St.

Newberg, Oregon 97132

 

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Rainmaker
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Margaret Oscilia
Creative Concepts-Home Staging and Contracting, Salem Oregon - Salem, OR
Home Stager, Salem Oregon

Hooray!  Thanks for sharing the news -- have some home buyers this pertains too and they will be so glad to hear the news!

Jun 17, 2010 11:25 AM #1
Rainmaker
44,086
Sandy Mitchell
The Kelly Group Real Estate - Newberg, OR
Making A House Your Home

Margaret, its great news for all those buyers who thought they lost out on the credit due to the banks not being on the ball and approving of the sales, I just hope it doesn't give the banks permission to sit back and relax.  They need to take this extra time and really concentrate on getting as many sales through the pipeline and closed as possible.

Jun 17, 2010 11:32 AM #2
Anonymous
lb

Sit back and relax? I work for a bank and I've been working 24/7 the past 3 months, missing my babies' dance recitals, school programs, etc to get every borrower possible into their home by June 30th deadline. Sit back and relax, no. Be able to take a little breath and assist better in borrower's achieving their dream of homeownership while being a mommy again, yes. I have not found anything to confirm the rumor, but I sure hope it gets extended for the homeowners who are at stake.

Jun 29, 2010 11:59 AM #3
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Rainmaker
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Sandy Mitchell

Making A House Your Home
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