I wrote over at Shak & Jill that tomorrow is a HUGE closing day across the country because home buyers taking advantage of the federal tax credit for first-time home-buyers don’t want to delay closing until the last minute so it’s this week and next week that title companies are extremely busy.
To qualify for the tax credit, purchase and sales contracts needed to be binding by April 30th and the mortgage loan must close no later than June 30th. However according to MSNBC, Senate Majority Leader Harry Reid is proposing an extension,
Senate Majority Leader Harry Reid, D-Nev., said Thursday he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
From the real estate perspective, the National Association of Realtors is pushing for agents to contact members of Congress to grant the extension. The extension would be partnered with extending jobless benefits until the end of November.
What do you think? It’s not a new tax credit, just an extension of the one whose deadline is looming. 20 days and counting.
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