Key West Short Sale Buyers Get Partial OK on the First Time Home Buyer Credit
Congress extended the closing date for buyers waiting for short sale approval on contracts that were singed prior to April 30, 2010. The 3 month extension will hold together many real estate transactions. Buyers will get the $8,000 First Time Home Buyer Credit if they close by September 30, 2010.
The First Time Home Buyer Credit was initially attached to the unemployment compensation extension bill that was filibustered by Republicans last week. The First Time Home Buyer Credit was part of the American Recovery and Reinvestment Act created by President Obama.
Fortunately the First Time Home Buyer Credit was sent through Congress again under the Homebuyer Assistance and Improvement Act (HR 5623). The bill still needs to go to the Senate. The bill passed easily through the House and is expected to be signed by the Senate.
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