The U.S. Senate has passed and extension of the $8,000 tax credit CLOSING date to September 30th.

By
Real Estate Agent with John Aaroe Group BRE #01708344

The U.S. Senate voted on yesterday to give homebuyers another three months to close on their contracts and take advantage of the $8000 tax credit for first-time buyers

The Senate voted 60-37 in favor of the extension.

Makes perfect sense to me.  Some short sale transactions take quite a while to close after the accepted purchase contract is signed off between buyer and seller.

The credit is only for those homebuyers who have already ENTERED into a contract by April 30th.

The good thing is that the credit is an actual credit that can be used on your tax return, and given an individual taxpayers situation, may result in a refund check.

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  1. Richard Ruggaber 06/20/2010 11:05 AM
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Rainmaker
326,938
Gerry Khatchikian
Red Lodge, MT
ASA, TRC, SFR

Ralph,

It makes perfect sense to me too.  I am glad the U.S. Senate passed this extension.

June 17, 2010 05:02 PM #1
Rainmaker
315,477
Ellen Dittman
Watson Realty Corp. - Middleburg, FL
#1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r

Good news! My buyers and BofA need the extra time.

June 17, 2010 05:15 PM #2
Ambassador
1,090,578
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Has this also passed in the House? Is it for real? I haven't heard about this yet. Guess I need to spend more time listening to the news or reading your blog!

June 17, 2010 11:38 PM #3
Rainmaker
589,571
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
On the Move for You! - Eugene - Springfield Oregon Real Estate

Now if the Congress would only implement a new move-on buyer credit with enough time to run to actually inspire long-time homeowners to become first sellers and then buyers.  

The $6500 credit had no real time to work.

June 17, 2010 11:52 PM #4
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Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

Melissa,

It has passed the Senate, and needs to go through the house.

I don't see any reason for it to not pass the House, though.

June 18, 2010 12:13 AM #5
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Ralph Gorgoglione

California Real Estate (800) 591-6121
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