Home Buyer Tax Credit Extension

By
Real Estate Agent with Exit Realty Achieve

House 

 

As of yesterday Congress and the Senate have both passed legislation that will provide home buyers with an extra three months to qualify for up to $8,000 in federal tax credit. Home buyers who where in contract prior to April 30 would now have unit September 30th to complete the transaction. Under current legislation they would have had to close prior to June 30. The final step is to have the legislation signed off on by President Obama, which is expected shortly.

 

This is great news for home buyers. Many buyers have been unable to close in the short time frame of the original legislation. The National Association of Realtors estimates that approximately 180,000 otherwise eligible buyers would likely miss out on the tax credit if the legislation did not pass.

Comments (4)

Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Looks like at least the 4th post, must be a computer malfunction. 

Jul 02, 2010 05:27 PM
Daniel Olsen
Exit Realty Achieve - Smithtown, NY
Sorry about that, I guess I didn't post it correctly.
Jul 03, 2010 02:29 AM
Daniel Olsen
Exit Realty Achieve - Smithtown, NY

Good News, on Friday President Obama signed the legislation into law.

Jul 03, 2010 04:18 AM
Marguerite Roland
RE/MAX Allegiance - Burke, VA
Northern Virginia

This is great news for those that have short sale contract written prior to April 30.

Jul 05, 2010 06:04 PM