Senate okayed extending the Homebuyer's Tax Credit Closing Date

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First Time Buyers who have a signed agreement of sale dated by April 30, 2010 and are to settle by June 30th just got that deadline extended by three months; voted yesterday by the Senate 60-37.

This extension applies only to buyers who were under contract by April 30th.

Senator Harry Reid (D-Nevada) was the sponsor of this amendment which will help in seriously depressed housing markets like the one in his state's Las Vegas area.

The amendment is strongly supported by the National Association of Realtors. Some critics are saying some people will see this as an opportunity to cheat on their taxes by backdating their paperwork.

This extension should ease the hugh volume of buyers and sellers that are trying to secure a settlement date to be eligible for their tax credit.

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Suzanne Strickler

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