UPDATE: This just in from the National Association of Realtors:
To: All REALTORS®
From: Vicki Cox Golder, 2010 NAR President
Date: July 1, 2010
We are happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Well, this is the day the $8,000 tax credit deadline for first time homebuyers and the $6,500 credit finally comes to an end. Or is it?
According to a press release sent out by the National Association of Realtors, the U.S. House passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, yesterday. The vote was 409-5. This bill extends the deadline for closing tax credit eligible transactions from June 30 to September 30, 2010.
This is great news…especially for the folks who’ve got tied up in home sales that have run long (especially short sales).
The bill now moves to the Senate where the outcome is much less certain. Republicans in that branch of Congress famously filibustered unemployment benefits last week, along with the National Flood Insurance Program. And they can’t seem to vote on Wall Street reform. One would hope that the Senate will get off their keisters and at least extend this tax break and help home buyers out.
The contracts still need to have been written by April 30, 2010. However, if you’re active duty military posted overseas between 2008 and 2010, you have until next April 30 (2011) to write the contract, and until next June 30 to close.