Home Buyer Tax Credit Deadline Extension

I agree with you, this extension will really help all of us, clients, agents, brokers and even the economy. More people will likely buy more homes before Sept.

This doesn’t extend the credit for new purchases – only those already contracted prior to the April 30th deadline. This will not encourage more people to purchase, but will dissuade those already contracted from bailing out due to missing the closing deadline.

Great news! This will def. help some of my buyers!

Great point about dissuading buyers from bailing out due to having missed the closing deadline. Fortunately, my San Antonio real estate buyers made the original closing deadline.

I suspect we’ll see another rally cry for additional government tax credit/stimulus at the end of the summer, just in time for the mid-term elections.

I also had a client who hopes to qualify if his short sale purchase ever closes. What an embarrassment that the banks can do whatever they want without Gov’t oversight. Short Sales should have to be approved or denied in 30 days or less. There is no reason I can see for the 88 day average response time.

Hi Eric. Good news, I and many more had thought the Government couldn’t leave thousands of buyers out of the extra $8,000 tax credit because the banks were so slow. I hope everyone are going to get there answer in time before September 30th.

Totally in agreement with this statement…”the bill illustrates how much we need standardization & reform of the short sale process.” We’re seeing in the Hilton Head Real Estate market some similar issues…4 or 5 or 6 months to get a short sale done and in some cases even longer. It’s foolish.

I currently have 2 buyers that are now going to receive the tax credit thanks to this extension. It was a great thing to happen for a lot of people who where stuck in limbo. The tax credit did great things for home sales.