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 www.jannaScharf.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, CLHMS, PMN, SFR  208.651.9700

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Rainmaker
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Kellie Morrissey
Keller Williams Realty Success LLC - Littleton, CO
CO Realtor CRS, GRI, CDPE

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

Jun 11, 2010 03:00 PM #1
Rainmaker
1,106,586
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

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.

Jun 11, 2010 03:16 PM #2
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Terrie Leighton
Ferrari-Lund ~ Reno's Premier Real Estate Company - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

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!

Jun 14, 2010 03:12 PM #3
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Janna Scharf

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