Posted on July 01, 2010 by admin

There have been a lot of reports about a potential extension of the $8,000 Homebuyer Tax Credit and those reports are correct.  Well actually the tax credit itself hasn’t been extended but the deadline for purchasing real estate has, as long as there was a signed contract by the original signing deadline of April 30th.  Now homeowners who were under contract to purchase a property prior to April 30, 2010 will have until September 30, 2010 to close and still get the Tax Credit.

Many buyers are in the process of  purchasing a home.  Some are purchasing properties from builders who aren’t ready to close or from banks via short sales.  If you have any experience with short sales, you know that they can take a significant amount of time to get approved.  Extending the tax credit closing deadline will allow for 180,000 buyers to take advantage of this opportunity.  This will also allow 180,000 sellers to sell and create some cash flow in the economy.  However critics of the extension have said that they believe that the extension will open the door to fraud.

What do you think of this extension?

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