Home Buyer Tax Credit Extended
President Obama has signed the Home Buyer’s Tax Credit extension.
Contrary to popular opinion, this does not extend the deadline for purchasing a home; it extends the time for closing your transaction.
To get the credit, you must have been under contract (accepted offer) by April 30, 2010.
If you were under contract by April 30, 2010, you now have until September 30, 2010 to close your transaction.
Seems that hundreds of thousands of home buyers were struggling to close their transactions by the previous June 30, 2010 deadline and that resulted in Congress passing legislation for the extension.
The reason why hundreds of thousands of home buyers were struggling?
Well, um . . . . . . seems they bought short sales ! (duh)
July 6th, 2010 Posted in Buyer Stuff
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