Possible home buyer tax credit extension
Congress is thinking about extending the home buyer tax credit -- not the deadline to sign a contract, but the June 30 deadline to close on the deal.
If you're worried you're not going to get to the settlement table in time, the thought of three extra months will probably come as a joyous relief. (If you're a non-buyer irked at all the taxpayer money Uncle Sam is handing out, on the other hand, you were probably hoping many deals wouldn't close. I do recall a few reader comments to that effect.)
The Senate voted Wednesday to move the closing deadline for the $8,000 and $6,500 credits to Sept. 30, so the proposal is already moving through the system.
Walter Molony, a spokesman for the National Association of Realtors, said his trade group estimates that about 180,000 buyers are likely to miss the June 30 deadline "because of delays in the process." That's particularly true of short sales, he noted.
Are you still trying to close on a tax credit deal? Do you think you'll manage it by the current June 30 deadline?