$8,000 Homebuyer Credit Extended to September 30th

By
Real Estate Attorney with THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

The Senate approved the House's bill to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday. Obama is expected to sign it shortly.

The legislation extends the deadline to close on purchase contracts signed by April 30 2010, to September 30, 2010.

The bill only allows people who already have signed contracts to finish at the later date.

Congress also approved the National Flood Insurance Program, which had expired and was delaying closings for a home located in a flood zone.

Copyright 2010 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

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Rainmaker
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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Richard,

There's so much excitement, but so little benefit.

If your an affected buyer, LO or agent I'm happy for you. I just don't understand the mass euphoria! Unless there is a mass conspiracy to back date sales agreements.

We're talking about HOME buyers not investors! HOME buyers still need a place to live!

I think allot more people are going to feel good about this than are going to benefit.

If they really wanted they have extended the purchase period, too!

Bill 

Jul 01, 2010 08:47 AM #1
Rainer
72,353
Jody Lautenbach
Century 21 Premier Associates - Pella, IA

That is good news for all of those deals that didn't make it for one reason or the other. Glad they are helping home owners out!

Jul 01, 2010 09:05 AM #2
Rainmaker
1,518,442
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Not a lot of substance as these are existing contracts that probably would have closed anyway. But it is good some receive a benefit.

Jul 02, 2010 01:02 AM #3
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good for a couple of our buyers waiting for short sale approval.  Otherwise not to big of a deal, except for some that may just feel free to backdate contracts.

Jul 04, 2010 01:04 AM #4
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Rainmaker
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Richard Zaretsky

Florida Real Estate Attorney
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