The Congress is close to passing a law to give home buyers who were under contract on a home purchased by April 30 an additional three months to close on the home and still be able to claim the federal home buyer tax credit. The new deadline is going to be September 30th, 2010.
This will not extend the deadline for home buyers to qualify for the tax credit. To qualify for the credit you had to have purchased and had a fully executed contract by April 30th, 2010.
The reasoning given for the extension was that many home buyers were not going to be able to close on their new homes in time for the June 30th deadline due to a backlog of loan applications that lenders were trying to handle.
The real issue here though, are the short sales. Many of these sales were not going to able to be closed in time due to the long delays that occur in trying to complete a short, thus there was going to be a large number of “fall-thru’s” (sales which do not close) and all of these properties were going to be coming back onto the market with a large number of them headed for foreclosure.
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