Possibility that the deadline for CLOSING to get your tax credit MAY be extended...

By
Real Estate Agent with Keller Williams Realty Coeur d'Alene AB37665

Now this is a potential bit of good news for buyers scrambling to get in under the wire.  A senate amendment was unveiled yesterday which will be voted on next week.  This would extend the CLOSING deadline for buyers who made the April 30 deadline to be under binding contract.

Under the proposed amendment, the closing deadline of June 30 could be pushed back to Sept. 30.  The amendment is sponsored by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions -- especially short-sales, which is a more involved process. Now that's an understatement!

Personally, all of my first time and repeat buyer clients who qualified for a credit by getting a home under contract before April 30, have already closed.  But I know others are frantically scramblling and lenders are feeling the pressure.

I think this just makes sense, and I have my fingers crossed that it passes. 

Posted by

Janna SignJanna Rankin Scharf  provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit Janna.ServingNorthIdaho.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today and let me know what I can do to be of service to you!

Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS  208.651.9700

Share/Bookmark //

Subscribe to North Idaho Janna's Coeur d'Alene Idaho Real Estate Blog by Email

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Home Buying
Groups:
Keller Williams 'Rainers
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Local Expert
REALTOR LIFE
Realtors®
Tags:
tax credit closing deadlinemay be extended

Comments 3 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the key to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
137,108
Kellie Morrissey
CO Realtor CRS, GRI, CDPE
Keller Williams Realty Success LLC

Have you heard any rumors about a new tax credit for 1st time home buyers.  I read a blog about New Jersey offering a tax credit that is being offered by the state.

Kellie

June 11, 2010 03:00 PM
Rainmaker
943,700
Sharon Tara
New Hampshire Home Stager
Sharon Tara Transformations

It does seem unfair that people would lose out because of time restraints and deadlines not met by the banks.  I hope it goes through too.

June 11, 2010 03:16 PM
Ambassador
391,396
Terrie Leighton
Reno Real Estate Agent
Ferrari-Lund ~ Reno's Premier Real Estate Company

Great to hear all of your clients were able to close in time to receive the tax credit. I am curious to see if the bill to extent the closing date passes. There are a lot of people hoping it well!

June 14, 2010 03:12 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
586,823

Janna Scharf

Coeur d'Alene Real Estate Pro
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Coeur d'Alene Idaho Real Estate Blog By Janna Rankin Scharf of Keller Williams Realty is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Coeur d'Alene Idaho as well as other parts of Kootenai County and North Idaho.
Locations of visitors to this page