Monday, July 19, 2010

Tax Credit Extended?!?!

Yes, but no....

I have heard on multiple occasions from buyers and sellers in the market, "the tax credit got extended!" As much as some of us in the industry wish this was the case it is not what most think.

The Federal Government has extended the closing date to allow buyers with signed purchase agreements before April 30, 2010 to close until September 30, 2010. Originally, buyers had to have an accepted contract before April 30th and then had to close by the end of June. Realtors and buyers pleaded to the government for more time as they struggled to get the files closed with short sale approval delays and title issues. The extra time will make life easier for loan and title companies while assuring buyers who did get their contracts accepted before April 30th that they have sufficient time to close. There was no real discussion of opening the credit back up to new contracts as some had hoped and some still believe is the case.

The tax credit had a good run. Now it is time to see if the real estate market can stand alone on it's own feet.


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