Update July 2: President Obama today signed the 3 month tax credit extension. Again, this is just for home buyers that were under contract by the April 30th. Many were unable to close by the June 30th deadline, this September 30 extension will give them additional time to close. Read more here: Obama Signs 3 Month Extension of Homebuyer Credit
Update July 1: The US Senate passed the tax credit extension yesterday. It is expected to be signed by President Obama.
Read more here: Congress Backs home Tax Extension
UPDATE: June 29th – The House has approved by a vote of 409 – 5 to extend the deadline of the $8,000 tax credit, to buyer’s already under contract (not for new buyer’s at all). This is not final yet by any means. It is expected to be voted on tomorrow by the Senate. Read more here: BusinessWeek
UPDATE: June 28th – In case you have not heard, it appears overwhelmingly unlikely, if not impossible, that this extension will pass. It is too bad, it has put many throughout the U.S. in a bind due to the absolutely craziness of trying to get a house to close these days in 60 days. If you are in this predicament, I suggest you speak to your real estate agent now to discuss your options if you have not already.
I received an email this evening asking if it is true that the First Time Home Buyer Credit was extended today. Yes, it is true that the Senate did pass an extension today to September 3oth. But it is not completely a done deal yet – there still needs to be final approval by the House, which it sounds like will happen.
But – its not going to apply to you unless you were already under contact by the previous April 30 deadline.
Due to many factors, most being related to loans, short sales and the like – there was a good chance that even if you were under contract by April 30th you were not going to make the June 30th deadline to receive the $8000 home buyers tax credit.
Relate articles:
MSN Money
US Senate Vote Roll Call
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