Homebuyers rushed to get homes under contract by April 30th, and now, according to the National Association of Realtors, approximately 55,000 – 75,000* of them are in danger of loosing their Homebuyer Tax Credit because of lender, appraiser and title company delays in closing before the June 30th deadline. This is the latest issue to concern the housing industry. So much so that many industry professionals are asking for an extension in the deadline to close. Will they get the extension? We may know in the next few days.
Senate Majority Leader Harry M. Reid (D-Nevada), Senator Christopher Dodd (D-Connecticut.) and Senator Johnny Isaakson of (R-Georgia) introduced an amendment to extend the transaction closing date for first time homebuyers to Sept. 30. Senator Reid notes that the tax credit worked very well, and that states like his and others were able to sell some of the significant backlog of properties that were not selling. Now Senator Reid and others want an extension to the period of time allowed for closing these homes purchased under the Homebuyer Tax Credit. The amendment, which is being attached to a job bill (American Jobs and Closing Tax Loopholes Act of 2010), will need to be passed by both the house and senate before making its way to President Obama’s desk for passage.
One thing is for certain, the Home Buyer Tax Credit stimulated the demand for new home purchases. Now, when those buyers have followed through with their part to purchase a home, we will see if our senators and congress men and women will follow through with their part and give them the time they need to finalize their transactions.
Whether you are for or against the tax credit is not at issue here. The tax credit was passed and became the law of the land. What is at issue is whether or not our government is going to allow for a reasonable time period to close for those that need it.
*update – as of June 20th, 2010 the estimate for those that will loose the Home Buyer Tax Credit has risen to 200,000
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