Homebuyer Tax Credit – Closing Deadline Extended by Congress

For any of you out there who were trying to close on a property before July 1st and didn’t, I have some GOOD NEWS!

Home Buyer Deadline Extension

Congress has voted to extend the deadline for closings from 6/30 out to 9/30/2010.  The president still needs to sign it into law, but the rumor mill makes it sound fairly certain that he will do that soon. (The bill is called HR 5623)

You may owe $8,000 less

For about 14,000 Florida families this will make the difference between getting a $8,000 refund this year or getting $0 – and since most of these buyers are first-time home owners that makes the difference between being able to afford buying a home or not.

The deadline for signing a contract to buy a home hasn’t changed.  Buyers still need a purchase contract dated April 30th 2010 or earlier, but you now have an extra 3 months to close.

If you are one of the 14,000 families in Florida who were hoping for this get ready to pop the bubbly as soon as the ink dries from Obama’s pen!

(If you are in the military ask your Realtor about the deadline exceptions for people who were on active duty in the military.  You may have even more time to qualify)

About Kathleen Seide

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