Tax credit deadline extended!

Finally Congress did the right thing and extended the deadline to close on a home that must have been purchased prioir to 4/30/10.   There’s been a lot of confusion around what got exteneded.  You must have been under contract prior to 4/30.  If you have not yet closed you now have until 9/30 to close the purchase:

Tax Credit Closing Deadline Extended

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.  The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30, 2010.  There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on the extension, visit www.realtor.org/government_affairs