There’s been a lot of talk about the possible extension of the homebuyer tax credit in the last few days. Here is the latest information.
Due to transactions taking months to complete, many purchasers may not close the transaction by the June 30 deadline. An amendment has been introduced that would extend the closing date so purchasers may take advantage of the credit. At this point only the Senate has adopted the amendment that would extend the closing date for the homebuyer tax credit from June 30, 2010 to September 30, 2010. The house still needs to adopt the Senate amendment. If adopted, it would create no new eligibility for the credit. The amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 and $6,500 tax credits. Congress will be in session during the weeks of June 21 and June 28, so votes on the legislation are still possible before the June 30 deadline.
~Information from The Saint Paul Area Association of REALTORS~
