Breaking News! - House OKs extension of tax credit closing deadline. However, a vote is still needed by the Senate.
There is still a chance for an extension of the first time home buyer closing deadline as this vote occured on a stand alone bill. With the incredible influx of buyers, contracts on short sales and high demand on mortgage brokers; many Oregon first time home buyers will miss the closing deadline even though they had signed sales contracts on time. The following was just reported by Innman News:
There is still a chance for an extension of the first time home buyer closing deadline as this vote occured on a stand alone bill. With the incredible influx of buyers, contracts on short sales and high demand on mortgage brokers; many Oregon first time home buyers will miss the closing deadline even though they had signed sales contracts on time. The following was just reported by Innman News: Still Need Senate voteHouse OKs extension of tax credit closing deadline. In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.
The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.
Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
Read full article.via Posterize
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