Federal Tax Credit Extension Approved by the House of Representatives

Real Estate Agent with The Goodwin Team @ eXp Realty LLC

Great news if we can get the Senate on board.  I know it would help some clients in our office.  

Original content by Patricia Kennedy AB95346

Inman News has just reported that the House of Representatives has passed a stand alone bill that would extend the settlement deadline on the $8000 Federal tax credit for first time homebuyers. 

The bill must now go to the Senate because it's not the same bill that the Senate already passed, and Senator Byrd's death will probably delay passage.  Still, I would be amazed if the Senate didn't pass it soon and send it off to the White House for the President's signature.

There were a lot of buyers, especially buyers mired in the short sale approval process, who were under contract in time but are still waiting for their "cleared for closing". 

And luckily for homebuyers, Congress will probably take less time to get this through that a Bank of America short sale negotiator will take to approve their contract. 

At least we can hope.

Comments (1)

Donna J. Plouffe
Donna Plouffe Team with RE/MAX Professional Associates - Charlton, MA

I hope they do this it would help all those buyers who cannot close by tomorrow

Jun 29, 2010 12:07 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?