Last Thursday some Senators proposed to extend Tax Credit deadline to September 30th in order for homebuyers to complete their purchases and get the Tax Credit.
First time homebuyers are looking forward to this amendment. As it is right now, deal has to be closed on or before June 30th for homebuyers to be able to benefit from this incentive.
The Senators that proposed the amendment said they want to make sure banks have the time to process the transactions, specially Short-Sales which are complicated and lengthy processes.
Having the time to complete the transaction will benefit thousands of homebuyers and help the struggling housing market.
Chances for this amendment to become law? Still to be seeing. Part of the political game!
Clock is ticking. Lawmakers could be voting on this bill this coming week. Be in the look out!
On my side, we remain cautiously optimistic.
Source: CNNMoney.com June 10,2010