Members of Congress let it tick down to the wire, but on June 30th they passed an extension for the closing date that will impact about 200,000 home buyers.

Read all about it here, but in a snapshot,

Previously, buyers had to be under contract by April 30th (that’s still true), but had until June 30th to close in order to qualify for the $8000 first-time home buyer tax credit (or $6500 for buyers who have owned five consecutive of the last eight years).  The measure extends the closing date to September 30, 2010.

I do have one buyer who is quite relieved.  Although he and his wife had a “clear to close” we learned that HUD hadn’t recorded their name to the deed upon foreclosure so the closing has been delayed until the title company refiles and the county records the name.  Their closing has been delayed until mid- to late-July.

I was happy to make that $8000 phone call to him!

Thank you, Congress.

Photo by Digital Planet Design.