Relief for those rushing to close before June 30th for tax credit

Relief might be on the way for harried home buyers, mortgage officers and title companies who are rushing overtime to make sure they close  before June 30th so that their home purchases qualify for the $6,500 and $8,000 tax credits that were offered on purchase agreements signed by April 30th.

Our market saw a frenzy of activity in March and April as buyers rushed to find homes and get them under contract.  Multiple offers returned to the market and sellers delighted in quick sales.  Fortunately, the market has remained at a very good pace even after the credit expired, and the uptick seems to be sustaining.

The Associated Press

(AP) — WASHINGTON – The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.


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