Tax Credit Closing Deadline Extended for Buyers Who Purchased by April 30

15 Jul
2010

Filed Under Buying · Tagged: 8000 tax credit, tax credit · Print This Article

If you’re among the group of people who are affected by this, you probably already know that the tax credit deadline has been extended for those buyers who purchased by April 30 but were not able to close in time for the original June 30 deadline. As we know, closings take a lot longer these days, especially in the wake of the last minute sales. This closing deadline has now been extended to September 30.

If you’re hearing this on the news and not sure what it means, it’s only an extension of the closing deadline. There is still no extension (or any talk of an extension or new credit) for home buyers. This ended on April 30. However, the system was overloaded with last minute buyers trying to squeeze their purchases into the window for the credit, and groups were pleading to congress to extend the closing deadlines so the sales could get completed. Now more of the buyers who were counting on the credit will be able to receive it.

NAR had not been lobbying for an extension of the credit, but was pushing for this deadline extension. Many believe the credit has run it’s course and much of the benefit was realized, and than an April 30 contract deadline was easily sufficient. So, why the last minute panic? Inevitably, when you have a deadline, you will have people rushing to meet it. It’s like Tax Day — you have months to complete your taxes, but yet there’s always a contingent of people who will wait until April 15. So, this extension is like a really, really long line — the line has been cut off, but they are trying to get everyone through.

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