Fortunately, Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for homebuyers, and I’m proud to say that that National Association of Realtors had a lot to do with making it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There was no gap between June 30 and July 2nd which is that date the President signed the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.
For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.
The original 60 day window to get the sale closed was completely unrealistic since many of the accepted offers involve Short Sale properties in which the lenders that have to approve the sale normally take at least 60 days to give the approval. Buyer’s were at the mercy of the lenders who see no reason to move any faster than a dead snail’s pace. Dean Carlson