--UPDATE-- As discussed by Dana Allenthis has passed the Senate but is not law yet. "While the Senate voted to accept the amendment...the Senate has not yet voted on the amended bill itself, which deals with a range of issues from extending unemployment benefits to Medicare funding." (Inman News, June, 2010).
Good news for home buyers already under contract.
The Associated Press just released information that the Senate has approved an extension of the tax credit. However, this extension only helps those already under contract.
We've been scrambling trying to get everyone who is under contract closed by the June 30th deadline. Apparently we are not the only ones. Apparently there is an estimated 180,000 homebuyers currently under contract that are not expected to close by June 30th. "Mortgage lenders have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline" (The Associated Press, 2010).
Today the Senate extended the closing deadline three months. Current buyers who went under contract before the April 30th deadline, now have until September 30th to complete their purchase and will still qualify for the $8,000.
As a Reuters report points out this won't have a large impact on future home sales. This helps all those individuals who have already worked hard to get their home, but haven't been able to close because of the frantic scurry caused by the coming deadline.
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
