Three Senators have introduced a measure to extend the present homebuyer tax credit closing deadline from June 30 to September 30. The three Senators: Senate Majority Leader Harry Reid, Senator Johnny Isakson and Senator Chris Dodd offered the measure as an amendment to H.R. 4213, a tax extension bill now in the Senate.
The National Association of Realtors estimates that approximately 75,000 homebuyers of distressed properties who have qualified for the tax credit and met the contract deadline of April 30th will not be able to close their transaction by the June 30th deadline. These transactions are not able to close by the June 30th deadline due to the large numbers of applications waiting to close.
The extension is intended to help buyers who previously met all of the qualifications for the tax credit, but find that they can not close due to the work overload the lenders are currently experiencing. Let me be clear, the amendment is not designed to extend the deadline for homebuyers to qualify for the tax credit; it only extends the deadline for closing the transaction from June 30th to September 30th.
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