As many of you are aware the home buyer tax credit ended April 30th. However, one of the provisions for receiving the tax credit was the buyer must close on their home buy June 30, 2010. When dealing with bank-mediated properties it can take months before a purchased agreement is accepted, and then a couple more months to close on the property. Therefore, many buyers who met the April 30th deadline of having an accepted offer now face the the potential they may not receive their tax credit because the closing will not occur before the June 30th deadline.
The National Association of Realtors (NAR) is urging the Senate and the House to extend the June 30th closing deadline. As the article from NAR states, extending the closing deadline helps the many home buyers, who through no fault of their own are unable to meet the June 30th closing deadline, while not adding additional cost to the program because these buyers have already been accounted for within the programs budget. You can read the full article at NAR's website.
Remember, if you are thinking of buying or selling now may be the best time with extremely low interest rates and a large supply of homes to choose from. Contact me at troyfelton@edinarealty.com with your real estate questions.
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